Brazil's 2011 exports head for record high

Brazil's exports so far this year has surpassed the amount of the entire year of 2010 and is set to break the record, the Industry, Trade and Development Ministry said on Wednesday. The country's exports from January to Oct. 11 reached 202.7 billion U.S. dollars, surpassing the amount of the entire year of 2010. The government expects exports to reach 257 billion dollars this year, which means a 27 percent rise from 2010. The new record was achieved despite the appreciation of the Brazilian Real during several months of 2011 when the exchange rate has risen by 5.94 percent to 1.76 reais against the dollar. The rise in exports was attributed to the rise in the price of Brazil's main export commodities, as well as Brazilian exporters' efforts to increase shipments, said Tatiana Lacerda, the ministry's foreign trade secretary. "It is an indication of how the country has been managing to face the current economic crisis with determination and competence," she said.