Brazil's trade deficit hits record levels largely on recent oil import, sluggish exports
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Brazil says it has registered its highest-ever trade deficit, which reached more than $5.39 billion in the first five months of the year.
Officials blame much of the record deficit on state-owned oil company Petrobras' recent purchases of crude oil.
Authorities in Brazil have warned that 2013 will be a difficult year for exports in its commodity-based economy due to the sluggish recovery in Europe and the United States and the slowdown in China's growth, which had fueled much of Brazil's boom.
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According to data reported Monday by the Ministry of Development, Industry and Foreign Commerce, Brazil's exports totaled $93.29 billion from January through May. At the same time, however, the country imported $98.68 billion worth of goods.