Brazil: First Trade Deficit Since ’01

By THE ASSOCIATED PRESS
Published: February 3, 2009
Brazil is reporting its first monthly trade deficit since 2001 as the global economic crisis cuts exports. The government said exports fell 26 percent in January from a year ago, to $9.8 billion, while imports fell 17 percent, to $10.3 billion. The report said the trade gap of $518 million was nearly double its most recent trade deficit, in March 2001. The world economic crisis has reduced demand for steel, minerals, farm goods and other Brazilian exports. The country’s imports have declined more slowly as its weakening currency makes many imports too expensive to buy.