brazil russia trade

Since 2000 Russia has been the main destination of exports of beef from Brazil and other countries of South America.

Russia and Brazil are both major commodity nations, with Russia among the world's top energy and metals producers and Brazil strong in exports of agricultural products, iron ore, cars and machinery.

Trade between the two BRIC giants grew to $6.8 billion in 2008 but fell back to $4.6 billion the following year because of the global financial crisis, the Kremlin said.

South Africa will this week take some initial steps to unseat the US dollar as the preferred worldwide currency for trade and investment in emerging economies.

Thus, the nation is expected to become party to endorsing the Chinese currency, the renminbi, as the currency of trade in emerging markets.

This means getting a renminbi-denominated bank account, in addition to a dollar account, could be an advantage for African businesses that seek to do business in the emerging markets.

The move is set to challenge the supremacy of the US dollar. This, experts say, is the latest salvo in the greatest worldwide currency war since the 1930s.

The BRIC nations (Brazil, Russia, India, China and South Africa) signed an agreement to not trade in U.S. dollars anymore, but in their own currencies. They are even working on creating their own bank for trading between each other.


Sources:
oecd.org
progress-brazil
reuters.com
en.wikipedia
online.wsj