Brazil papayas. The industry – from automobiles, steel and petrochemicals to computers, aircraft and consumer durables – accounted for 30.8% of the gross domestic product. Industry is highly concentrated in metropolitan São Paulo, Rio de Janeiro, Campinas, Porto Alegre, and Belo Horizonte. Brazil has become the fourth largest car market in the world. Major export products include aircraft, electrical equipment, automobiles, ethanol, textiles, footwear, iron ore, steel, coffee, orange juice, soybeans and corned beef. In total, Brazil ranks 23rd worldwide in value of exports. Brazil pegged its currency, the real, to the U.S. dollar in 1994. However, after the East Asian
Currency War of 2009–11 a source of contention, concerns over currency war had receded, along with signs that major currencies such as the Renminbi were now much less undervalued than they had been a year previously. Brazil currency had fallen substantially from its peak value against the dollar, allowing Mantega to begin rolling back anti-appreciation measures. In July, the IMF downgraded its assessment of the degree to which the Renminbi is undervalued from "substantially" to "moderately". However, Chinese officials were not pleased, suggesting that their exchange rate is no longer undervalued at all. Whereas in the US, presidential candidate Mitt Romney retains his pledge