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Article: Exporters in Brazil eye own backyard. (footwear industry)
- Article from:
- Footwear News
- Article date:
- January 30, 1995
- Author:
CopyrightCOPYRIGHT 1995 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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RIO DE JANEIRO (FNS) -- Brazilian footwear exporters, battered by an unfavorable exchange rate which reduced 1994 export revenues by 17.7 percent, are turning to the domestic market as an escape valve against continued slumping sales abroad.
Brazil registered $1.6 billion in export revenues in 1994, down from $1.95 billion in 1993 largely because of the exchange rate. When the government, in July of 1994, introduced a new, dollar-linked currency, the "real," the lynchpin of its economic stabilization program, it said the new currency would have a one-to-one parity with the dollar.
But by rarely intervening in the exchange rate market since then the government ...