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Brazil's market has slowed some over the last couple of months due to a variety of fears both about their domestic economy and the general global economy.

For those who are betting on long-term Brazilian growth, here are some dividend companies to consider for some South American exposure.

1. Companhia Siderurgica Nacional (SID). This steel company has had a rough patch due to China dumping steel onto the world market and steel prices hovering around a two-year low. Rising energy costs, a stronger Real, and some infrastructure problems, and other problems have battered the stock.

Still, the company is paying a hefty 8.2% dividend to draw investors in. This isn't a stable dividend, and it fluctuates strongly depending on market strength.

If China's economy continues to slow to the point of an actual recession, this company could be hit with the continued drop in steel prices and lack of global demand.

A lot of the resource stocks -- like those dealing with metals like copper -- require closely watching China before pulling the trigger, because poorly timing the purchase could lead to years of below average performance while China pulls the market down with it -- if it does.

When China's economy begins to recover, this is on my short list to buy heavily.

2. CPFL Energia SA (CPL). This is an electric utility company that mostly focuses on two growing Brazilian regions. Its dividend has a stronger history than SID, but it's still nothing to bet your life on, as it fluctuates a substantial amount. Right now, the company is paying a strong 7.1% dividend.

As the Brazilian economy grows, electric demand will be growing with it, which is the obvious beauty of utility companies.

It's important to remember that a lot of the fluctuation in the stocks come from the fluctuation in the real vs. the US dollar, which is something to keep in mind. That's one more reason -- of many -- to focus more on dollar cost averaging when buying these stocks rather than trying to time the price, which is what I'll be doing at least.

Still, both companies are great for a growing Brazil, with SID being my main focus for when steel prices begin to pick up and demand in Brazil begins to increase again. At the first hint of a rebound for demand, I'll be buying.

Energia seems like a more stable utility bet, only it's in a growing economy, which makes it a great long-term dividend growth possibility. Either way, I'll be watching both companies going forward.

Source: 2 High-Yield Brazilian Stocks To Watch