world growth

world growth

Saturday, January 16, 2010

China Overcomes US and Becomes Brazil's Number One Trade Partner



Brazilian Ministry of Development, Industry and Foreign Trade's just released final, revised report on Brazil's international commerce in 2009 shows that in 2009, Brazil's trade with the United States totaled US$ 35.9 billion (exports: $15.7 billion; imports: $20.2 billion).

But, for the first time, trade with China was more: a total of US$ 36.1 billion (exports: US$ 20.2 billion; imports: US$ 15.9 billion). The difference was only $200 million, but that does not make it any less a historical moment.

In other economic news, the president of the Central Bank, Henrique Meirelles, reports that Brazil has now met its inflation targets for the sixth consecutive year.

He was able to make that affirmation after the government statistical bureau (IBGE) released its Broad Consumer Price Index (IPCA) for the year of 2009. The result was inflation of 4.31%. The government target was 4.5%.

Meirelles said the real significance of having inflation under control was that it created a "foreseeable" economy where investments would increase naturally. He pointed out that average GDP growth over the past few years has been 5% (almost double recent growth, which, of course, was down due to the international financial crisis).

Brazil's Central Bank (Fed) president added that wage earners benefited from controlled inflation and the job market showed a vigorous variation of employment levels.

Meirelles concluded by saying that Brazil begins the 21st century with international respect and the perspective of sustained growth over a long period that will be characterized by a substantial reduction in social inequality.

http://www.brazzilmag.com/component/content/article/81-january-2010/11700-china-overcomes-us-and-becomes-brazils-number-one-trade-partner.html

2 comments:

namie said...

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Shashank Nayak said...

I have a query, and it would be kind of you if you could answer it. In the National Bureau of Statistics site(China) you find that GDP for 2008(unrevised) to be 30.067 trillion yuan; while the GDP for the first three quarters of 2008 to be 20.163 trillion yuan. This means that GDP for the fourth quarter was 9.904 trillion yuan. Now you can see that the contribution of GDP for fourth quarter to the GDP for the whole year is disproportionately large. Say, if the GDP for all four quarters of 2008 was the same as the fourth, then GDP for 2008 would be 9.9* 4 = 39.6 trillion yuan and not 30 trillion yuan. This question has been troubling me for weeks. Could you answer this. You can also mail me the answer at: shashank.nayak@gmail.com