More than half of Brazilian exporters report falling profits due to pandemic

0 Comment(s)Print E-mail Xinhua, July 10, 2020
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RIO DE JANEIRO, July 9 (Xinhua) -- More than half of Brazil's exporting companies have been negatively impacted by the novel coronavirus (COVID-19) pandemic, according to a report released on Thursday.

The report by Brazil's National Confederation of Industry (CNI) showed 57 percent of Brazilian exporting firms saw a drop in billing in April and May. Among exporting companies that invest abroad, billing fell by as much as 70 percent.

The results also showed a decline in the extent of the pandemic's impact, since 80 percent of companies reported a drop in billing in February and March.

Some 42 percent of the companies affected reported that foreign sales fell to less than half what they were before the pandemic struck.

Similarly, some 26 percent of importing companies said they were purchasing less than half of what they had been buying before the outbreak.

According to the report, 36 percent of both exporters and importers expect to still suffer from the consequences of the pandemic in the next two months.

While foreign trade has been impacted by the pandemic, the sector is expected to play an essential role in resuming economic growth in Brazil, and generating jobs and revenue, the CNI said, adding the crisis could offer companies an opportunity to rethink their strategies and expand their market.

For the report, the CNI surveyed 197 companies from June 2 to 10. Enditem

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