Brazil: Current account records marginal shortfall in November
Brazils current account recorded a USD 0.1 billion deficit in November, narrowing markedly from the USD 8.5 billion shortfall posted in the same month last year and from the USD 5.1 billion deficit clocked in October 2022.
Novembers result chiefly reflected the trade in goods balance swinging to a surplus from November 2021s deficit. Additionally, the services account deficit narrowed from the same month last year. Meanwhile, net foreign investment was positive in the month, totaling USD 8.3 billion in inflows (November 2021: USD +5.0 billion).
Meanwhile, the 12-month sum of the current account balance widened to a USD 52.4 billion deficit in November from the USD 47.5 billion shortfall recorded in November last year. This was equivalent to approximately 2.8% of GDP (November 2021: approximately 2.9% of GDP).