Brasília – Spending by Brazilians in trips to foreign countries climbed anew in August and tend to keep climbing in September, the Brazilian Central Bank reported this Monday (26). August spending reached USD 1.292 billion, up 2.3% from August 2015.
According to the Central Bank’s Economic Department chief Tulio Maciel, this was the first year-on-year increment since January 2015. As of last Thursday, September 22, expenditure by Brazilian tourists on trips to other countries had reached USD 973 million. According to Maciel, at that rate, September should see an 8.1% increase from a year ago.
Maciel noted that the US dollar, which had soared above BRL 4 early in the year and is now around BRL 3.20, was a key driver of the increase in overseas spending. “The exchange rate accounts for the bulk of overseas spending, such as lodging and transportation,” he said.
He added that the “improved outlook” for economic activity and ameliorated consumer confidence may have also contributed to the resumption of international travel expenses. “Confidence is a relevant component in expenditure decisions,” he said.
*Translated by Gabriel Pomerancblum
