Brazil market rocked by banking crisis
The Brazilian agrochemical market has slowed considerably due to the banking crisis, according to the Brazilian agrochemical industry trade association. The prediction for the 2008 market has fallen from 25% to 19% growth, Sindag information chief Ivan Amancio Sampaio told Agrow. The Sindag predicted a 25% market rise in Brazilian real terms for 2008 in October ( Agrow No 555, p 19). This year’s market is expected to hit R$12,100 million ($5,300 million at current rate). However, the market will still be up in dollar terms by a quarter to $6,800 million, Mr Sampaio adds. The Brazilian currency was up against the dollar for most of 2008 compared with 2007.