Brazil: Current account swings to surplus in April
Brazil’s current account recorded a USD 0.3 billion surplus in March, swinging from the USD 3.0 billion shortfall posted in the same month last year and from the same-sized deficit clocked in February.
March’s result chiefly reflected the goods trade balance swinging to the highest surplus in the series’ history. Moreover, the services account deficit narrowed by over 14% from March 2022. Lastly, net foreign investment was positive in the month, totaling USD 7.7 billion in inflows (March 2022: USD +6.9 billion).
Meanwhile, the 12-month sum of the current account balance widened to USD 52.3 billion in March from the USD 41.3 billion shortfall recorded in March 2022. This was equivalent to approximately 2.7% of GDP (March 2022: approximately 2.4% of GDP).