India accounts for about one per cent of Brazil’s import bill. Yet, it is not all depressing because trade between the two countries doubled in just four years between 1998 and 2002. These figures show the unfulfilled potential between the two countries.
Some industries where India can significantly step up exports to Brazil are tea spices, chemicals, pharmaceuticals, fertilizers, textiles and engineering goods.
As Brazilian growth gathers momentum, India can meet Brazil’s increasing need of capital and engineering goods at prices that are much more competitive than North America.
In the WTO era, Brazil offers many exciting opportunities to Indian businessmen hunting for global markets.