LatinNews Daily Report - 23 April 2013

ECONOMY | Latest trade deficit the worst since 1998. Brazil registered a trade deficit of US$2.27bn in the third week of April, according to the development, industry and external trade ministry (MDIC), on the back of US$4.6bn in exports on US$6.9bn in imports. The unusually-high import figure owed to an adjustment in fuel imports, the MDIC said. The government plans to reduce taxes and extend new cheap credit lines to ethanol producers to boost output and lower prices, local press reported on 22 April. The latest trade result deepens the accumulated year-to-date deficit to US$6.5bn, the worst accumulated result ever for the period in the MDIC’s historical series. The average daily value of exports fell across all categories on an annualised basis in the first three weeks of April, with basic products down 3.5% year-on-year (to US$486m/day), semi-manufactures down 1.4% y-o-y (to US$108.5m/day) and manufactures down 4.2% (to US$326.1m/day).

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