Brazil: Current account records smaller deficit in January
The current account posted a USD 5.1 billion deficit in January, improving from the USD 5.9 billion deficit booked in December (January 2023: USD 9.0 billion deficit). Meanwhile, the 12-month trailing current account deficit improved, coming in at USD 24.7 billion in January (December: USD 28.6 billion deficit).
The merchandise trade balance deteriorated from the previous month, recording a USD 6.5 billion surplus in January (December 2023: USD 9.3 billion surplus). Merchandise exports jumped 18.5% annually in January (December: +9.3% year-on-year). Meanwhile, merchandise imports were broadly stable, falling just 0.1% on an annual basis in January (December: -10.8% yoy).