The Post Office faced losses of more than R$2 billion in the first nine months of 2024, a significant increase compared to the negative result of R$824 million recorded in the same period of 2022. Only in the quarter ending in September, the state-owned company accumulated a deficit of R$785 millioneasily surpassing the R$89 million loss in the third quarter of the previous year.
Impact of import tax changes
One of the reasons for the negative financial performance is the drop in international operations, known as cross borderespecially after the end of the import tax exemption, known as the “blouse tax” for purchases of up to 50 dollars on foreign websites, such as Shein e AliExpress. The change came into force in August and has already significantly affected the state-owned company’s revenue.
Between July and September 2024, Correios recorded revenue of just over R$ 1 billion in international posts, a drop of almost R$200 million in relation to the R$ 1.3 billion registered in the same period last year. This decline reflects a reduction in the volume of international purchases by Brazilian consumers. The implementation of this rate rreduced imports by around 40%.
In the first nine months of 2024, total revenue from cross border operations was R$3.1 billionbelow the R$3.3 billion obtained in the same period of 2023.
Challenging scenario for the Post Office
In addition to the drop in international revenues, Correios faces a panorama of changes in the logistics market and fierce competition with private companies. The combination of external factors, such as new taxation on imports, and internal factors, such as the need for modernization and operational efficiency, poses significant challenges for the state-owned company’s financial recovery.
With the increase in the deficit, the company’s economic sustainability remains an unknown, especially given the debate about privatization and structural changes that could impact the future of Correios.
Source: https://www.hardware.com.br/noticias/apos-taxa-das-blusinhas-correios-registra-prejuizo-de-mais-de-r-2-bilhoes.html