Despite being the eighth largest economy in the world and the largest in Latin America, Brazil is still relatively closed compared to other large economies. Brazil is an outlier in that its trade penetration is extremely low, with trade at 24.1 percent of GDP in 2017. The number of exporters relative to the population is also very small: its absolute number of exporters is roughly the same as that of Norway, a country with approximately 5 million people compared to Brazil’s 200 million. While further integrating into the global economy could threaten uncompetitive companies and their workers, competitive businesses would most likely benefit. Brazil’s insertion would also allow the country to better leverage its competitive advantages, such as in natural resource-based industries.

Idem. Ibidem (adapted).

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