*Brazil’s national statistics institute (Ibge) has released its latest figures for the country’s industrial production, which showed that production dropped by 1.4% in July compared to the previous month, although it was up 6.1% compared to July 2023. The accumulated production level in the 12 months until July this year was up 2.2% from the previous 12-month period. Despite the overall monthly decline in production, only seven of the 25 product categories measured saw a decrease. The greatest drops were registered in coke, petroleum products, and biofuels (-3.9%) and food products (-3.8%). In a press release, the Ibge suggested that the declines in food and fuel production were related, as major agricultural states that produce sugar cane, such as São Paulo, were impacted by drought. The drop in sugar cane processing resulted in lower production figures for biofuels such as ethanol.
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LatinNews Daily - 5 September 2024
In brief: Brazil’s industrial production down in monthly terms
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