Brazilian exports of cosmetics grew 21% to $421 million in the first eight months of 2008, according to Brazil Magazine. The data was released by Brazilian Association of Toiletries, Perfumes & Cosmetics Industries (Abihpec).

According to João Carlos Basílio da Silva, president of the association, the gains were due to the development of traditional and more important markets for sector exports, including other Latin American countries, as well as entry into new markets, such as the Middle East.

“To some Brazilian companies, which invested heavily in sales to the region, the Arab countries are responsible for 60% of exports,” he said.

“This year we should grow around 8.7%. A new tax implemented in February this year has compromised the sector performance, which had been growing on average 10.9% for the last 12 years,” pointed out the Abihpec president.