Brazil started 2013 with trade deficit

Brazil started 2013 with a trade deficit. According to figures released yesterday by the Brazilian Ministry of Development, Industry and Foreign Trade, a US$ 100 million deficit was recorded in the first week of the month. Imports reached US$ 2.35 billion and outpaced exports, which stood at US$ 2.25 billion, resulting in the deficit. Average daily exports in the first week of January stood at US$ 750 million, up 2.2% from the same period in 2012. This was due to a 23.1% increase in sales of semi-manufactured goods, including crude maize oil, iron and steel, synthetic rubber, and gold. On the other hand, manufactured goods exports were down 2.4%, mostly due to fuel oils, auto parts, engine parts, and pumps and compressors. Average daily imports stood at US$ 783.3 million, down 1.2% from the first week of January 2012. Brazil imported less iron and steel products (-23.3%), fuels and lubricants (-11.2%), fertilizers (-10.9%), home and electronic appliances (-10.2%) and mechanical equipment (-3.3%). The Brazilian balance of trade ended 2012 on a US$ 19.438 billion surplus. The result was the worst since 2002, when the surplus was US$ 13.1 billion. The 2012 result was also down 34.7% from the US$ 29.794 billion surplus recorded in 2011. The federal government ascribed the result to the international crisis and its impact on exports.