Brazil's Real depreciation is helping real exports gain

Brazil's real exports should grow at their fastest pace in five years in 2015 (although they will have declined in dollar terms) as the substantial BRL depreciation finally seems to be benefitting exports. 

"While real exports of goods and services are expected to grow 7.5% this year, real imports are likely to contract 9.6% on the back of weaker domestic demand growth", says Societe Generale. 

Therefore, there is some indication that the long-awaited currency depreciation-led restoration of competiveness seems to be taking place.