Brazil Current Account November 2020


Brazil: Current account logs another surplus in November

December 18, 2020

Brazil’s current account balance logged another surplus in November, coming in at USD 0.2 billion in November. The surplus contrasted the USD 3.1 billion deficit recorded in November 2019, albeit it was down from October 2020’s surplus of USD 1.5 billion.

November’s result largely came on the back of a smaller primary income deficit as well as a narrower shortfall in the services account. Meanwhile, the goods trade surplus remained at November 2019’s 2.9 USD billion. Net foreign direct investment, on the other hand, weakened markedly in November, totaling USD 1.5 billion (November 2019: USD 8.7).

Accordingly, the 12-month sum of the current account balance narrowed to a USD 12.2 billion deficit in November, which equates to approximately 0.8% of GDP, down from the USD 15.5 billion deficit logged in the 12 months ending in October (1.0% of GDP).

The LatinFocus Consensus Forecast projects a current account deficit of 1.1% of GDP in 2021. For 2022, panelists foresee the current account deficit at 1.8% of GDP.

Author:, Economist

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Brazil Current Account Chart

Brazil Current Account November 20 20 0

Note: Monthly and 12-month current account balance in USD billion.
Source: Central Bank of Brazil (BCB) and FocusEconomics calculations.

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