War in Ukraine slowing down long-awaited recovery of Brazil’s travel industry

High oil prices, a still-unfavorable exchange rate, and inflation that bites into consumers’ discretionary spending mean the sector still faces a hard post-Covid road ahead

travel industry
Photo: Eve Pinheiro/Shutterstock

On March 7, the share prices of the three largest travel sector companies listed on the Brazilian stock exchange B3 – airlines Azul and Gol, and travel agent CVC – plummeted to their lowest values in more than a year, with falls of 18, 17.36, and 10.49 percent, respectively. The three, along with oil and gas giant Petrobras, were principally responsible for the drop in Ibovespa, the benchmark stock index, that day.

This was related to another major price fluctuation: on the same day, Brent crude oil hit its highest level since mid-2008, after the U.S. began considering blocking...

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