Brazil’s central bank data showed a current account deficit of $3.6 billion last July, below analysts’ estimate of $4 billion.
July’s performance was mainly supported by the trade balance, which saw the surplus increase by $3.1 billion over the previous year, reaching $7.2 billion, amid a further slowdown in imports of exports.
Over the 12 months to July, the current account deficit was 2.52% of GDP, down from 2.64% the previous month.
Foreign direct investment in July was $4.2 billion, below the survey’s forecast of $6 billion.
The central bank also revealed that portfolio investors withdrew a total of $333 million from Brazilian markets in July, and there were $1.7 billion in bond withdrawals and $1.4 billion in inflows into equities.
