Brazil: Current account deficit widens in May
The current account posted a USD 3.4 billion deficit in May, widening from the USD 2.9 billion deficit recorded in April (May 2023: USD 1.1 billion surplus). Meanwhile, the 12-month trailing current account deficit also widened, coming in at USD 40.1 billion in May (April: USD 35.7 billion deficit).
The merchandise trade balance deteriorated slightly from the previous month, recording a USD 8.5 billion surplus in May (April 2024: USD 8.7 billion surplus). Merchandise exports declined 7.1% on an annual basis in May (April: +12.9% year on year). Meanwhile, merchandise imports increased 0.5% in annual terms in May (April: +14.4% yoy).