Located in the most economically developed region of Brazil (Southeast), the state of Minas Gerais has a territorial extension of 586,520,368 square kilometers and, according to data released in 2010 by the Brazilian Institute of Geography and Statistics (IBGE), it houses 19,597,330 population.
Minas Gerais, with 241.3 billion reais, holds the third largest Gross Domestic Product (GDP) in Brazil, only behind the states of São Paulo and Rio de Janeiro. Its contribution to the national GDP is 9.1% and at the regional level, its share is 16.1%. The composition of the Minas Gerais GDP is: agriculture 8.4%, industry 31.9%, services 59.7%.
The service sector is in constant development and is already the main responsible for the state's GDP. Telecommunication services and the commercial sector contribute significantly to the economic advancement of Minas Gerais.
In the agricultural sector, the state stands out for having the third largest cattle herd in the country, being the largest national producer of milk. Minas Gerais is also a leader in the production of beans, in addition to being responsible for 50% of the coffee crop. Other important crops are corn, soy and sugar cane.
The industrial sector, which has a share of 31.9% in the state's GDP, is quite diversified. Minas Gerais is home to the third largest industrial park in Brazil, with an emphasis on the automobile segment, which is represented by Fiat (installed in the municipality of Betim since 1976), Mercedes-Benz (in Juiz de Fora) and Iveco (in Sete Lagoons).
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Other important segments are food, textile, electronics, mechanics, metallurgy, steel, civil construction, auto parts and mining - Minas Gerais has great mineral wealth, being a large producer of gold, zinc, bauxite (second largest in Brazil) and iron ore (largest producer national). Another highlight is the biotechnology sector, which is constantly expanding and currently has 80 companies installed in the state.
Imports and Exports of Minas Gerais:
Exports: US$ 24.4 billion:
Iron ore: 29%.
Iron, steel and their leftovers: 26%.
Coffee beans: 12%.
Cars and parts: 8%.
Machines and equipment: 3%.
Gold: 3%.
Cellulose: 2%.
Others: 17%.
Imports: US$ 10.5 billion:
Automotive vehicles and parts: 20%.
Machines and equipment: 13%.
Mineral coal and derivatives: 12%.
Fertilizers and fertilizers: 9%.
Electronics: 7%.
Products from chemical industries: 7%.
Sulfur: 4%.
Non-ferrous metals: 3%.
Others: 25%.
By Wagner de Cerqueira and Francisco
Graduated in Geography
Would you like to reference this text in a school or academic work? Look:
FRANCISCO, Wagner de Cerqueira and. "Economy of Minas Gerais"; Brazil School. Available in: https://brasilescola.uol.com.br/brasil/economia-minas-gerais.htm. Accessed on June 28, 2021.
