Brazil's agribusiness grows 5.26 pct in H1

2020-09-24 13:57

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RIO DE JANEIRO, Sept. 23 (Xinhua) -- The Brazilian agribusiness, one of the mainstays of the country's economy, grew 5.26 percent in the first half (H1) of 2020 from a year earlier, the National Confederation of Agriculture (CNA) said on Wednesday.

The increase in agribusiness was driven by bumper crops and an exchange rate that favored exports, according to a CNA report.

The services and supplies segments grew by 4.76 percent and 1.69 percent respectively while agro-industry dipped 0.76 percent amid the novel coronavirus pandemic.

"On the supply side, the massive grain harvest has guaranteed meeting the growing international demand for Brazilian agro-industrial products, also driven by the devaluation of the real against the dollar," the CNA said.

In June, Brazil's agribusiness GDP grew 1.31 percent, marking the sixth monthly growth in a row.
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