Brazil: Current account deficit narrows in February
The current account recorded a USD 4.4 billion deficit in February, improving from the USD 5.1 billion deficit clocked in January (February 2023: USD 4.4 billion deficit). Meanwhile, in the 12 months leading up to February, the current account posted a USD 24.7 billion deficit, mirroring the deficit booked in January.
The merchandise trade balance deteriorated from the previous month, recording a USD 5.3 billion surplus in February (January 2024: USD 6.3 billion surplus). Merchandise exports jumped 16.1% annually in February (January: +17.6% year on year). Meanwhile, merchandise imports expanded 2.9% in annual terms in February, improving from January’s flat result, and marking the strongest reading since January 2023.