China is expected to buy goods and services form Brazil in 2021 worth US$125 billion as compared to US$44 billion in 2011, further boosting it’s position as Brazil’s main trading partner, according to a study by Ernst & Young Terco cited by the Brazilian press.
The study entitled “Time to tune in: Latin American companies turn up the volume on global growth” carried out with Oxford Economics, noted that this year Chinese imports of Brazilian products were expected to total more than those of the United States and Latin America combined.
According to the study, the three sectors that will see the greatest rises will be metals, fuel and minerals.
The document also outlines figures for the internationalisation strategy of Brazilian companies and notes that at the moment 68 percent of revenues from abroad come from emerging economies.
“These countries also have high rates of growth and opportunities to develop businesses that have attracted an increasing number of companies, including those from Brazil, which have to compete abroad,” said André Ferreira, of the strategic Markets Department of Ernst & Young Terco.
Based on interviews of over 600 businesspeople in Brazil, Argentina, Chile, Peru, Colombia and Mexico, carried out between November and December 2012, the study showed that expansion beyond Brazil was necessary to prepare companies for new domestic and foreign challenges. (macauhub)