“Brazil in January recorded its largest monthly trade deficit on record as exports dropped and imports of consumer and capital goods increased.  Brazil posted a trade deficit of $4.06 billion after posting last year the worst annual trade balance since at least 1991, the Trade Ministry said in a report published today. While trade partners including China and Argentina have seen their economies slow, record-low unemployment and higher public spending have fueled domestic demand and fanned inflation in Brazil. Policy makers have raised the benchmark interest rate in seven straight meetings to slow consumer price increases as a falling real makes some imports more expensive.”

http://www.bloomberg.com/news/2014-02-03/brazil-has-worst-trade-gap-since-at-least-1991-on-export-plunge.html

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