Brazil imports nearly as much commodities for its local market as it exports. The net result is a meager 5% of GDP, contrary to conventional wisdom. A 30% reduction in commodity prices would affects GDP by -1,5%, but on the other hand the dollar value of exports has increased by more than 40%.
Compare Brazil to other countries.
- Venezuela 30% gdp
- Chile 25% gdp
- Russia 12% gdp
- Argentina 12% gdp