Brazil’s current account posts USD 1.6bn surplus in July
The current account in Brazil registered a surplus of USD 1.6bn in July 2020
The current account in Brazil registered a surplus of USD 1.6bn in July 2020, the fourth positive result in a row, compared to a deficit of USD 9.8bn in July 2019.
The trade surplus increased by USD 5.7bn y/y in July 2020, the biggest jump in 3 years, as exports fell by 2.6% y/y, while imports plummeted by 33.7% y/y, reflecting the lasting effects of the pandemic on domestic demand.
The virtual freeze on the tourism sector reduced the deficit in services, which fell by USD 1.6bn y/y, while the lower global demand had a negative impact on companies’ profits, reducing the income deficit by USD 4bn.
Further data and analysis on Brazil’s economy could be found on the CEIC Brazil Economy in a Snapshot – Q2 2020 report.