BNDES, the Brazilian state-run development bank, lent a record US$6.37bn to exporters in 2006, 9% more than the US$5.86bn seen in 2005.

Exports of capital goods accounted for 62% of the total.

According to the bank, the growth in demand for export credit reflects operational changes in pre-shipment lines, making them cheaper to the exporter.

Overall, BNDES disbursements totalled R52.3bn (US$24.3bn) in 2006, in a 11.3% rise over BR47bn in 2005.