Brasília – Despite continued growth, there are signs of moderation in spending by Brazilians in international trips, according to the head of the Central Bank’s Economic Department, Tulio Maciel. In November, spending stood at US$ 1.874 billion, the highest figure for November since the Central Bank started keeping records, in 1969. The amount is up 2.9% from US$ 1.819 billion in November 2012.
According to Maciel, this year, foreign travel spending has increased by an average of 20%. In December, the Central Bank expects spending to be up 10% from December 2012. “In December, growth should be slightly higher, at 10%, but still below the average annual growth rate of 20%,” he said. Maciel added that the dollar price hike does not impact on spending immediately, because trips are often programmed beforehand. “It is only natural that it should take a while before changes to the exchange rate are felt,” he said.
Spending by foreigners in trips to Brazil amounted to US$ 556 million in November, as against US$ 532 million in November 2012. For 2014, Maciel said he expects revenues to increase as a result of the country’s hosting the FIFA World Cup. Maciel said the international travel account deficit (spending exceeding revenues) should see a “substantial decline” due to increased foreigner presence in the country in 2014.
*Translated by Gabriel Pomerancblum
