The appreciation of Brazil’s real currency matters for Prime with lobster, the mainstay of the company’s export business sold in US dollars.
Brazilian seafood exporter Prime Seafood said it expects its production volume to remain similar to 2022 but the strengthening of the Brazilian currency against the US dollar will mean a sharp drop in revenue this year.
Exports account for 95 percent of Prime Seafood’s revenue, and its lobster, the mainstay of the company’s export business, is sold in dollars.
Last year, the on average the US dollar bought BRL 5.45,
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