Brazil recorded a current account deficit of USD 1.55 billion in São Paulo, which is the lowest in the past seven years for this month.
The Central Bank of Brazil released a report on Wednesday, stating that the deficit had reached USD 1.67 billion in November 2022.
As of November, the deficit in the current accounts for the year so far was USD 33.65 billion, which is lower than the deficit in October 2023 and the same period in 2022, when it was USD 49.9 billion.The image above shows the Central Bank headquarters located in Brasília.
As per a report from Agência Brasil, Fernando Rocha, the head of the Statistics department at the Central Bank, stated that Brazil has a strong current account balance with minor and declining deficits, mainly attributed to the trade balance. In November, the difference between exports and imports amounted to a positive USD 6.6 billion.
In November 2023, the Central Bank disclosed the data for foreign direct investments (FDI). The country received a total of USD 7.78 billion, which was slightly higher compared to November 2022 when USD 7.58 billion was invested in Brazil.
According to the Central Bank’s projections, direct investments in the country are expected to reach USD 60 billion in 2023 and USD 70 billion in 2024.
In November 2022, Brazil’s international reserves increased by USD 8.15 billion to reach a total of USD 348.4 billion, according to the Bank.
(anba)
