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LatinNews Daily - 02 February 2021

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In brief: Brazil records trade deficit in January

* Brazil’s foreign trade secretariat (Secex) in the economy ministry has released the balance of trade figures for January, which show the country recorded a US$1.13bn trade deficit. The balance of trade totalled US$30.74bn, a 10.2% increase on January 2020, with exports growing 12.4% to US$14.81bn and imports growing 8.3% to US$15.93bn. Brazil had already seen a trade deficit in January last year, when exports had fallen almost 20% due to weaker sales to China, which was at the time already feeling the effects of restrictions to contain the coronavirus (Covid-19) pandemic. This January, exports to China grew 19.4% year-on-year, while exports to Argentina grew 41.1%, driven by the sale of vehicles and iron. Meanwhile, exports to the US diminished by 4.4% and sales to the European Union (EU) fell by 5.6%.