Brazil looks to increase services exports
The country is hoping to increase the sector’s relevance to trade balance numbers in decades to come, according to a ministerial secretary. In 2015, services accounted for a meager 1.91% of foreign sales.
São Paulo – Over the next few decades, Brazil expects to increase the relevance of its services sector in exports, according to Marcelo Maia, the secretary of the Ministry of Industry, Foreign Trade and Services. According to the latest survey from the Brazilian Central Bank, in 2015 services accounted for 1.91% of exports from Brazil, and 4% of the country’s total imports.
The result pales in comparison to the share that services retain in the domestic economy: 71% of GDP. The topic was discussed during the 8th National Meeting on Foreign Trade in Servicse (EnaServ), held at the headquarters of trade federation Fecomercio-SP, in São Paulo. According to the Ministry, services exports were down 15.5% in 2015 from 2014.
*Translated by Gabriel Pomerancblum