Brazil: Current account posts smaller deficit in January
Latest reading: The current account recorded a USD 8.7 billion deficit in January, improving from the USD 9.6 billion shortfall posted in December (January 2024: USD 4.4 billion deficit). Meanwhile, the 12-month trailing current account deficit widened, coming in at USD 65.4 billion in January (December: USD 61.2 billion deficit).
The merchandise trade balance worsened from the previous month, recording a USD 2.2 billion surplus in January (December 2020: USD 4.6 billion surplus). Merchandise exports declined 5.7% year on year in January, on the heels of December’s 13.6% plunge. Meanwhile, merchandise imports jumped 12.2% on an annual basis in January (December: +4.0% yoy).