The Facts on Why Your Business Should Buy Brazilian Goods
November 21, 2017
In 2001, the Goldman Sachs’ economist declared Brazil as one of the four “BRIC” countries that would be dominant economies in the future.
Since then, Brazil’s economy seems to have fallen from global grace amongst political scandals and corruption allegations. However, current statistics show that Brazil is starting to live up to its potential by becoming one of the top emerging markets in the world.
Current statistics are showing that Brazil is starting to live up to its deemed potential, and becoming one of the top emerging markets in the world.
A massive potential consumer market, a growing infrastructure base to support international and domestic businesses, and an improved commitment to anti-corruption all combine to make Brazil an ideal investment for your business.
Here are some reasons why your business should start buying from Brazil today:
With the Brazilian real being a “weak currency”, US businesses can purchase goods from Brazil at a greatly reduced price.
Online is Taking Over
Ecommerce has grown in Brazil by 20% over the last three years, potentially illustrating an increased frequency of B2B transactions and willingness of Brazilian suppliers to export goods for international clients.
You Can Avoid the Banks
With Brazil’s latest corruption allegations, many businesses in Brazil remain hesitant to trust banks. This greatly benefits US importers as they can purchase Brazilian goods through secure online payment platforms like Veem, providing both sides with the opportunity to avoid Brazil’s corruption.
They’re Looking for Foreign Investment
Brazilian president Michel Temer introduced the Investment Partnership Program in 2016, pledging $14 billion USD to significantly upgrade Brazil’s infrastructure, including road, rail, airports and municipal water treatment plants. This is a clear sign of Brazil’s commitment to development, modernization and foreign investment, and should be taken advantage of by US import businesses before foreign competition catches on.
Trade is Strong
One of five products in Brazil came from imports in 2011, with 32% of those being from the US. Brazil is also the largest US trading partner with which it maintains a trade surplus.
Foreigners are Welcome
Brazil is becoming much more accepting of foreign businesses. This presents a key opportunity for your business to secure a presence in Brazil and establish export connections.
Business is About to Expand
Brazil is starting to be recognized as an international economic player, with trade agreement negotiations underway between the European Union.
Global transactions are much easier than they used to be, with today’s technology drastically shrinking the logistical gap between international businesses. Veem makes this process especially easy, providing a simple and secure way to send B2B payments that avoids unnecessary banking fees and delays. By using Veem to send payment to your Brazilian export partners, you can expedite the payment process, improve the convenience for both sides and create a secure platform for your business to transfer funds overseas.
By using Veem to send payment to your Brazilian export partners, you can expedite the payment process, improve the convenience for both sides and create a secure platform for your business to transfer funds overseas.
Brazilian business culture is renowned for prioritizing personal relationships. Rome wasn’t built in a day and neither are long-lasting business connections; the earlier you enter Brazil’s market and begin negotiating with prospective clients, the more successful your business will be in securing an export deal with Brazil.
Need more info? Read our comprehensive guide on Doing Business in Brazil to find out more.
You need 7 tools to master international trade. Find out what they are.