Brazil may increase auto trade quota for Mexico
After booming sales of Mexican cars in Brazil, the Brazilian government is considering raising the auto trade pact quota it agreed to with Mexico.
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Brazil made the move after the value of Mexican car exports jumped around 70 percent in 2011 to $2.4 billion, aggravating a glut of cheaper imports that hurt Brazilian manufacturers.
Asked on Wednesday if Brazil planned to raise the quota, a separate Brazilian governmentofficial said no talks were underway. Any possible talks would take place after incoming president Enrique Pena Nieto takes office in December, the official added.
Mexican exports to Brazil rose by 135 percent to some 109,000 units in the first six months of 2012. In dollar terms, this was a rise of around 112 percent to nearly $1.6 billion.
Additional reporting by Esteban Israel; Editing by Dave Graham, Simon Gardner and Lisa Shumaker.