In the face of poor performance in the production of the Brazilian manufacturing industry recently, the issue of de-industrialization has drawn the attention of economists and experts in the field because of the importance of manufacturing to economic growth in the long run. Therefore, this thesis aims to investigate the process of deindustrialization, which started in mid-1980 and intensified in the 1990s, with the trade and financial liberalization, was continued after 1995, and its main source Dutch Disease. That is, the appreciation of the exchange rate. It started from the hypothesis that although exchange rate overvaluation is not solely responsible for the industry share decline in GDP, its effect can not be disregarded, especially when considering the export list. To achieve the goal, this study uses as a historical analysis methodology and the same qualitative and quantitative time because analyzes both traditional indicators of deindustrialization as other complementary indicators. Based on the results obtained, it was found that the Dutch disease intensified, with increasing deficits in the industrial trade balance. However, it is a relative deindustrialization, because despite the predominance of commodities in the exports, Brazilian exports are still very diverse. In addition to much of the industrial production is turning to recently home market. ; Diante do insatisfatório desempenho na produção da indústria de transformação brasileira recentemente, o tema da desindustrialização tem chamado a atenção de economistas e especialistas da área devido à importância da indústria de transformação para o crescimento econômico no longo prazo. Portanto, a presente monografia tem como objetivo investigar se o processo de desindustrialização, iniciado em meados de 1980 e intensificado nos anos 1990, com a abertura comercial e financeira, teve continuidade após 1995, e se tem como fonte principal a Doença Holandesa. Ou seja, a apreciação da taxa câmbio. Parte-se da hipótese, que embora a sobreapreciação cambial ...