Houve um processo de substituição de importações na indústria brasileira no período pós-desvalorização cambial?

The aim of this paper is to analyze if the exchange rate devaluation of the Real, which occurred in 1999, led to an import substitution process in the Brazilian manufacturing. The analysis is carried out by comparing the data for the years of 1998 and 2003. Moreover, this paper also investigates if the changes observed can be classified as being structural or they will be reversible in a new period of economic growth. The analysis of the data led us to conclude that there was not, in general, an import substitution process after the devaluation of the Real and also that the external trade changes that happened since 1998 can´t be classified as structural changes.