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Brazil's new President Dilma Rousseff during her first Cabinet meeting, Jan. 3, 2011. Photo by EPA/BGNES
Brazil's newly-inaugurated President Dilma Rousseff is going to focus on trade and currency policies in her ties with China, according to Brazilian Trade Minister Fernando Pimentel.
Brazil's President, the daughter of a Bulgarian immigrant, will raise the so called "trade defense" and "currency war" issues during a visit to China in April 2011 for a summit of BRIC, a grouping of the major developing economics – Brazil, Russia, India, and China, Pimentel told Bloomberg in an interview.
"Exchange rate and trade defense will be priority issues with China. This is an issue not only for Brazil but for all emerging countries," Pimentel said as the Brazilian real has appreciated gaining weight against the Chinese yuan, thus affecting Brazilian exporters and industries.
In 2010, Brazil's imports from China grew by 60%, reaching USD 25.6 B, while its exports to China grew by 46%, reaching USD 30.8 B.
The surge in Chinese imports, boosted by the yuan's competitive exchange rate, threatens Brazilian manufacturers and has "important implications" for the country's industrial development, said a report of the Brazilian state development bank cited by Bloomberg. The real's gain against the yuan since 2008 is the third-best performance among major currencies tracked by Bloomberg after the Australian dollar and South African rand.
On Tuesday, the Brazilian currency reached its strongest level vis-a-vis the US dollar since September 2008.
Pimentel also said that Rousseff established as a priority tax cuts for industries that are more sensitive to exchange rate and protectionist measures.
Brazil's 2010 foreign trade surplus declined by 20% - with exports rising from USD 128 B to USD 182 B, and imports from USD 153 B to USD 202 B as the real appreciated 5.1% against the US dollar. Brazil's government expects the country's exports to reach USD 228 B in 2011.
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