Brazil: Current account records larger deficit in March
The current account recorded a USD 4.6 billion deficit in March, deteriorating from the USD 4.5 billion deficit clocked in February (March 2023: USD 0.7 billion surplus). Meanwhile, the 12-month trailing current account deficit widened, coming in at USD 32.6 billion in March (February: USD 27.3 billion deficit).
The merchandise trade balance improved from the previous month, recording a USD 7.5 billion surplus in March (February 2024: USD 5.3 billion surplus). Merchandise exports sank 14.8% on an annual basis in March, contrasting February’s 16.1% jump. Meanwhile, merchandise imports fell 7.1% over the same month last year in March (February: +2.9% yoy).