Friday, September 22, 2023

Brazil reduces its deficit abroad by 32% in July

Brazil registered a deficit in its foreign transactions of US$3,605 million last July, which is 32% less compared to the same month in 2022 (US$5,285 million), the Central Bank reported this Friday.

The monthly result was impacted by the growth of US$3.1 billion in the surplus in the trade balance, in which exports fell by 3.4% and imports presented a decrease of 16%, according to data from the issuing body.

In the first seven months of 2023, Brazil’s deficit in the international transactions related to commerce, services and income stood at US$18.174 million, 12.3% less than in the same period last year.

In the last twelve months ending in July, the country accumulated a deficit with the exterior of US$51.100 million, equivalent to 2.52% of the gross domestic product (GDP), compared to US$48.8 billion (2.71% of GDP) reported in the same period of the previous year.

Brazil, the largest economic power in Latin Americais expected to grow above 2% this year, with inflation that has stabilized in recent months at around 4% year-on-year, which has led the Central Bank to slightly loosen interest rates, although they are still at high levels (13.25%).


Please enter your comment!
Please enter your name here

Latest article