Brazil: Current account records larger deficit in September
Brazil’s current account recorded a USD 1.4 billion deficit in September, deteriorating from the USD 0.7 billion deficit recorded in August (September 2022: USD 6.9 billion deficit). Meanwhile, in the 12 months leading up to September, the current account posted a USD 39.8 billion deficit, compared to the USD 45.4 billion deficit booked in August.
The merchandise trade balance deteriorated from the previous month, recording a USD 8.9 billion surplus in September (August 2023: USD 9.6 billion surplus). Merchandise exports decreased 0.5% annually in September (August: +0.9% year-on-year). Meanwhile, merchandise imports plummeted 21.6% over the same month last year in September (August: -19.5% yoy), marking the weakest result since October 2020.