Dollar Pouring into Brazil This Month at a Clip of Over US$ 5 Billion

    Counting dollar bills

    Counting dollar bills The balance between entry and exit of foreign currency in trade and financial operations involving Brazil and foreign countries, from April 1st to 24th, was positive at US$ 4.934 billion.

    According to the head of the Economic Department at the Brazilian Central Bank, Altamir Lopes, the figure is the result of a US$ 5.156 billion inflow, through the trade account, and a US$ 222 million outflow, through the financial account.

    In the case of the trade account, the figure is the result of US$ 13.883 billion in exports and US$ 8.727 billion in imports. For the financial account, purchases totaled US$ 23.907 billion and sales, US$ 24.129 billion.

    Lopes also supplied information on the status of banks' exchange positions, i.e. the track record of currency purchases and sales by banking institutions.

    This month, banks increased their purchased position, that is, there were more deals involving purchase exchange (such as exports, transfers from foreign countries and tourism in Brazil). This indicates that banks are waiting for the dollar to appreciate.

    During the period analyzed, purchases of foreign currencies totaled US$ 11.2 billion, as against US$ 9.783 billion recorded in March.

    Tobacco

    On another economic front Brazil has become the world's leading tobacco exporter and shipping 85% of its production to foreign countries. Last year, the sector posted US$ 15 billion in revenues, US$ 2.2 billion of which came from the foreign market.

    Brazil's performance in tobacco production was the theme of a meeting of the sector's chamber held last week in the Brazilian capital Brasí­lia.

    The current 2007/2008 crop should produce 700,000 tons of tobacco, according to the president at the Association of Brazilian Tobacco Producers (Afubra), Bení­cio Werner.

    The southern Brazilian states – Rio Grande do Sul, Santa Catarina and Paraná – are the leading producers, and should have a combined crop of 670,000 tons.

    ABr

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