Brazil lost the position of 10th commercial partner of the European Union (EU) to Canada in the first quarter of this year, according to european statistics. Brazilian products imported by the EU represent 1.6% of the total – the lowest level since 2003. The news was published in Valor Econômico (14/05).
“Brazil mainly exports commodities and less demand leads to less exports. With the recession, Brazil also buys less of Europe. Brazil needs to improve the competitiveness of its industry”, said the president of EUBrasil Association, Luigi Gambardella to Valor.
Also according to Valor Econômico, between January and March this year, Brazilian exports to the EU decreased 1% and imports from Europe fell 2.6%. However, in March, Brazil’s exports to the EU grew by 12% over the same period last year.
The country had a trade surplus with the EU in the past, on the other hand, since 2012 it began to accumulate a deficit, reaching €5.8 billion in 2014. In the first quarter of 2015, the accumulated deficit was € 1.4 billion.
Growth in the eurozone accelerated with the expansion of countries like France, Germany and Italy. The Gross Domestic Product (GDP) grew 0.4% between January and March, compared with the previous quarter, according to the EU statistics agency – Eurostat.