Brazil is reporting its first monthly trade deficit since 2001 as the global economic crisis slashes exports, according to AP. The government says January's exports fell 26 percent from the same month a year ago to $9.8 billion, while imports fell 17 percent to $10.3 billion. Monday's report from the Brazil's Ministry of Development, Industry and Exterior Commerce said the $518 million trade gap was nearly double its most recent trade deficit, registered in March 2001. The world economic crisis has slashed demand for steel, minerals, farm goods and other Brazilian exports. The country's imports have declined more slowly as its weakening currency makes many imports too expensive to buy.
