Brazil: Current account deficit broadly stable in April
Brazil’s current account balance came in at a deficit of USD 62 million in April, largely unchanged compared to the USD 61 million shortfall recorded in the same month of 2018.
The result reflected a broadly unchanged trade surplus of USD 5.4 billion (April 2018: USD 5.5 billion). Both exports and imports contracted on an annual basis in April, reflecting the sour economic backdrop in Brazil. Meanwhile, the services account deficit increased slightly. Foreign direct investment came in at USD 7.0 billion in April, above April 2018’s USD 3.0 billion.
The 12-month trailing current account deficit was unchanged at USD 13.7 billion in April, matching March’s result and equal to approximately 0.7% of GDP.