Brazilian steel exports increased in year 2002

Brazilian steel exports increased in year 2002

Brazilian total exports recorded a 3% increase while a significant rise was seen in steel exports. Steel exports in 2002 increased 29.7% when compared to year 2001 and the factor playing an important role in this increase is the tendency to focus on foreign markets rather than domestic markets which is influenced by the developments throughout the year. It is observed that sales to China, South Korea and Taiwan constitute a serious amount of Brazilian steel exports. In order to strengthen their economy by the income derived from the international sales Brazil has focused on export. Related to the idea that forming an alternative to EU and US markets because of the implemented safeguard measures, to increase Brazil's market share in Asia, which has an incredible growth rate in world market, is one of their target. After steel exports showed a 29.7% increase last year, a further 6% increase is expected in 2003. It is anticipated that this expectation is again based on the increasing China, South Korea and Taiwan sales since 2001. Last year Brazil became the world's eighth biggest steel producer with a 29.6 million tons of steel by increasing its production 10.8% percent compared to year 2001.