This raises the cost of imports including inputs used for agriculture. As a result, Brazil has a low participation in global value chains, while the import content for all Brazilian exports is estimated to reach only 10%, and 7% for exports of primary agricultural commodities and food products. In addition to protection at the border, Brazil uses local content provisions in publicly-financed projects, this condition is also imposed by the National Bank for Economic and Social Development (BNDES) on loans for capital goods, including by the agro-food and agro-processing sectors. Imported capital goods are not financed under the National Rural Credit System, except if there is no similar product made domestically, while those products are subject to a minimum of 60% local content provision.