Brazil’s current account deficit fell sharply to USD 1.38 billion in September 2023 from a gap of USD 6.94 billion recorded a year earlier, in line with market expectations.
According to the Central Bank of Brazil, the commodity surplus increased significantly to 7.21 billion dollars from 2.06 billion dollars, with imports falling by 23.9% and exports falling by 5.2%.
The services gap shrank to USD 3.28 billion from USD 3.09 billion in September 2022, due to a decrease in net transportation expenses, and the initial income deficit decreased to USD 5.47 billion from USD 6.29 billion, as net expenses related to dividends and distributions related to direct and portfolio investments reached USD 3.37 billion, compared to USD 5.06 billion in September 2022.
In addition, the surplus of secondary income decreased to 0.16 billion dollars from 0.38 billion dollars.
