Brazil’s current account deficit totaled US$4.6 billion in March 2024, almost the same level as in February and a much worse result than the surplus of US$698 million in March 2023, reported this Thursday (2 ) the Central Bank of Brazil. The data also surpassed analysts’ LSEG consensus estimates, which projected a deficit of US$3.1 billion for the month.
As a result, the current account deficit in the twelve months ended in March reached US$32.6 billion (1.46% of GDP), compared to US$27.3 billion (1.23% of GDP) in the previous month. In March 2023, the negative balance in external accounts was US$49.3 billion (2.46% of GDP).
The goods trade balance surplus reached US$5.1 billion in March 2024, below the positive balance of US$9.3 billion in March 2023. Goods exports totaled US$28.5 billion and imports reached to US$23.4 billion, with decreases of 14.0% and 1.9% compared to March 2023.
Continues after advertising
The deficit in the services account totaled US$3.7 billion in March 2024, compared to US$3.1 billion in March 2023, a growth of 21.4%.
International reserves
Direct investment and international reserves
Direct investments in the country (IDP) recorded net inflows of US$9.6 billion in March 2024, compared to US$7.3 billion in March 2023. There were net inflows of US$4.1 billion in capital participation and of US$5.5 billion in intercompany operations.
The IDP accumulated in 12 months totaled US$66.5 billion (2.98% of GDP) in March 2024, compared to US$64.3 billion (2.90% of GDP) in the previous month and US$75.3 billion (3.76% of GDP) compared to March 2023.
Continues after advertising
Brazilian international reserves totaled US$355.0 billion in March 2024, an increase of US$2.3 billion compared to the previous month. According to the BC, the increase was mainly due to positive contributions from variations in prices, US$973 million, and from parities, US$450 million. Interest income totaled US$654 million in the month.
Tags: Current deficit March totals US4 .6 billion higher expected