Brazil is attracting attention from the rest of the world thanks to its solid economic growth over the past decade and very promising forecasts for the future.
What better time to have a closer look at this rising giant, and explore why you should be doing business in Brazil.
Both physically and economically, Brazil dominates Latin America, and is the 5th largest country in the world, both in terms of population and geographical area. Similarly colossal is Brazil’s economy – already the 7th largest in the world and the largest by far of its Latin American neighbours, it is also one of the world’s most rapidly developing.
Domestically, Brazil possesses a huge (and growing) consumer market: over the past 10 years, more than 35 million Brazilians have been lifted out of poverty into the emerging middle class, which today represents well over half of the population.
Well-known global brands are already operating in Brazil, and it is the UK’s largest trading partner in Latin America with a bilateral trade in goods which is worth £5.1 billion, having grown substantially in the last 5 years.
A key area of growth in Brazil is e-commerce, presenting endless opportunities for foreign businesses to grab a piece of the action.
The automotive industry also represents a strong business opportunity in Brazil. In 2015, the US shipped $1 billion worth of automotive parts to Brazil.
In this field, the importance of proper translation and localisation cannot be stressed enough.
In an international survey, two thirds of Brazilians stated their unyielding stance of having information presented to them in their native language, and value this over paying a lower price while shopping online.
This is a fact worth noting for those hoping to expand their business into Brazil, especially considering that by the end of 2016 retail e-commerce sales are expected to reach $17.3 billion, with Brazil accounting for 62% of all online sales in Latin America.