30 January 2012 16:02 [Source: ICIS news]
BOGOTA (ICIS)--Brazil’s trade deficit in the chemical sector reached $26.5bn (€20.1bn) in 2011, up 28% year on year, the country’s chemical industry association said on Monday.
The deficit increase was attributed to increased domestic demand for chemicals, which was increasingly met by imports, Fernando Figueiredo, the CEO of the Brazilian Association of Industrial Chemistry (Abiquim), said.
In 2011, imports of chemical products were $42.3bn, up 25.5% year on year, according to Abiquim.
Exports from the US were at $15.8bn, an increase of 21% compared with the previous year.
Imports of intermediary chemicals for fertilizers reached $8.7bn, or 78.5% higher than in 2010. “It is essential that investments are made concerning the replacement of imports and increase exports,” Figueiredo said.
According to Abiquim, chemical sector investments in Brazil should reach $167bn by 2020, creating more than 2m jobs.
($1 = €0.76)
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