Brazilian iron ore exports in 2010 expected to exceed US$20 billion

Rio de Janeiro, Brazil, 4 Jan – Brazil is expected to have ended 2010 with exports of iron ore totalling over US$20 billion, the vice president of the Brazilian Foreign Trade Association (AEB) said in Rio de Janeiro cited by the –Brazilian press.

"Even the soy group – beans, bran and oil – did not reach that amount,” said José Augusto de Castro, adding that mining company Vale, which is responsible for around 80 percent of iron ore exports, became Brazil's main exporting company.

Augusto de Castro added that if conditions seen in 2010 were to continue this year, iron ore exports could total US$23 billion, or 38 billion reals.

Augusto de Castro said, however that he was concerned about the future of the European economy if there was a drop in demand, “that automatically affects Brazil as China buys raw materials to produce and sell to Europe.” (macauhub)