Brazil: Current account shortfall widens in July
The current account posted a USD 5.2 billion deficit in July, deteriorating from the USD 4.4 billion deficit recorded in June (July 2023: USD 3.6 billion deficit). Meanwhile, in the 12 months leading up to July, the current account posted a USD 34.8 billion deficit, compared to the USD 33.2 billion deficit posted in June.
The merchandise trade balance improved from the previous month, recording a USD 7.6 billion surplus in July (June 2024: USD 6.4 billion surplus). Merchandise exports climbed 9.3% over the same month last year in July, on the heels of June’s 2.8% drop. Meanwhile, merchandise imports shot up 15.7% over the same month last year in July (June: +14.6% yoy).