This work analyses the effects of trade and exchange policies adopted in the first stage of Real Plan on some macroeconomic indicators and the production of some sectors of the Brazilian agribusiness. Using a Computable General Equilibrium (CGE) model, measures of economic policy were simulated and the results obtained were compared to the reference situation. It was verified that, in general, the agribusiness sectors benefited from the reduction of import taxes and from the exchange devaluation, which occurred after the implementation of the Real Plan in 1994.