Brazil posts large January trade deficit

Brazil posted a trade deficit of $1.291 billion in January, reversing surpluses seen in the year-earlier period as well as the end of 2011, the Trade and Development Ministry said Wednesday.

Exports from Brazil totaled $16.14 billion, compared with $15.21 billion in January 2011, the ministry said. Imports climbed to $17.43 billion, from $14.82 billion in the year-earlier month.
   
In January of last year, Brazil posted a $398 million surplus. In December 2011, the surplus topped estimates, coming in at $3.82 billion. Ministry officials said 2012 was likely to be “a tough year for Brazilian trade” on continued heavy import demand and lower international commodities prices.