LatinNews Daily - 04 July 2024

*Brazil’s national statistics institute (Ibge) has released its figures for the country’s industrial production in May, showing a monthly drop of 0.9%, marking the second consecutive month of monthly decreases in production. Production fell by 1.0% compared to May last year, while the accumulated production figures for the 12 months until May 2024 registered an increase of 1.3% compared to the previous 12-month period. Of the 25 product categories measured, 16 saw a monthly drop in production in May. The largest decreases were registered in smoking products (-28.2%), printing & recording equipment (-15.0%), and vehicles, trailers, & car bodies (-11.7). In a press release, the Ibge highlighted the effects of the floods in Rio Grande do Sul on the industrial sector. The floods devastated the state throughout May, impacting factories that manufacture vehicle components, agro-industrial processed foods, and other products.