Brazil is the country that imports the least in the world, as a proportion of GDP. The newly released data from the World Bank shows how closed is the Brazilian economy, despite complaints from local businessmen about foreign competition.
In 2011, according to the World Bank, Brazil’s imports of goods and services were equivalent to 13% of its GDP. In a list of 179 countries, Brazil showed the lowest ratio.
Only in the BRIC group, for example, China has its imports-to-GDP ratio at 27%, India at 30% and Russia at 21%. Among the major Latin American economies, Mexico’s imports correspond to 32% of GDP, while Argentina and Colombia import 20% and 17%, respectively. Even the U.S., which is the largest and most diversified economy in the world, have a ratio of imports of 16%, higher than the Brazilian.
So, for everyone that wondered why Brazil is so expensive, the answer is now official: it’s because the country is the most closed economy in the world.