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Brazil bounces back with agriculture

Agriculture in Brazil has been an lucrative industry over the years. The current production is between 80 million and 160 million tons, and this figure could double in the coming years. Other than exporting sugar, orange juice and coffee globally, it also competes with the US to be the largest soya bean exporter. Besides, devaluation of its currency against the dollar will further stimulate this sector through reducing the rise in costs.

Crop yield this year has registered a 15 percent increase, whereas exports has amounted to USD100 million. US, being one of Brazil’s stiff competitors, only exported 18.58 million tons in comparison to Brazil’s 22 million tons for the 2012-13 crop year. However, US is poised to stage a comeback later this year as the top corn exporter. With the government recently allocating USD68 billion to this sector, it remains to be seen whether Brazil’s economy will continue to register positive growth.

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