12 April 2012 18:46 [Source: ICIS news]
CAMPINAS, Brazil (ICIS)--Brazil's chemical trade deficit reached $5.7bn (€4.3bn) in the first quarter, trade group Abiquim said on Thursday.
During the quarter, Brazil imported $9.3bn and exported $3.6bn in chemical products.
Year on year, imports rose 10.6% and exports rose 5.9%.
Fertilizer intermediates were the most heavily imported product during the first quarter, reaching $1.4bn, Abiquim said.
Thermoplastic resins were the most heavily exported product, reaching $570.8m.
In a 12-month period, the deficit reached $27.2bn.
To fight further increases in the deficit, Brazil needs to protect the chemical industry and make it more competitive, said Abiquim’s director of foreign trade, Denise Naranjo.
Specifically, tax cuts and ending the so-called currency wars would help reverse the deficit, Naranjo said.
Brazil has accused foreign countries of keeping their currencies artificially weak as part of a strategy to make their exports more competitive.
($1 = €0.76)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections