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 ever. In May, Alan Beatie for the "Financial Times" suggested that the Currency War was not over, it had merely entered a lull, with the underlying tensions still unresolved. In July 2011, Guido Mantega told the "Financial Times" that the struggle between China and the US was still ongoing, suggesting that several emerging economies including Brazil were still experiencing undesirable upwards pressure on their exchange rates. As investor confidence in the global economic outlook fell in early August, Bloomberg suggested the currency war had entered a new phase. This followed renewed talk of a possible third round of quantitative easing