Brazil: Current account deficit narrows to nine-month low in June
July 29, 2014
In June, the current account balance registered a deficit of USD 3.3 billion. The print marked an improvement over the USD 3.9 billion shortfall registered in the same month last year and overshot market expectations of a USD 3.9 billion deficit.
The trade balance registered a surplus of USD 2.4 billion in June, which was a notch above the USD 2.3 billion surplus recorded in June 2013. Moreover, the services and income balance tallied a USD 5.8 billion deficit in June, which marked an improvement compared to the USD 6.5 billion shortfall posted in the same month last year.
The moving 12-month current account deficit narrowed from the USD 81.8 billion tallied in May to USD 81.2 billion in June and is now equivalent to approximately 3.6% of GDP.