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 dollar float freely. While the US has taken no direct action to devalue its currency, there is close to universal consensus among analysts that its quantitative easing programmes exert downwards pressure on the dollar. According to many analysts the currency war had largely fizzled out by mid-2011, though others including Mantega disagreed. As of March 2012, outbreaks of rhetoric were still occurring, with additional measures being adopted by countries like Brazil to control the appreciation of their currency. Yet by June, there were signs that currency misalignment had been levelling out in China and across the world, with even Mantega