Brasília – Spending by Brazilians in foreign trips totalled US$ 5.499 billion from January to July this year, according to figures disclosed today (25th) by the Central Bank of Brazil.
The figure is lower than in the same period last year (US$ 6.840 billion), but the head of the Economic Department at the Central Bank, Altamir Lopes, believes that the resumption of economic activity should lead to an increase in expenditures.
According to Altamir, there should also be an increase in spending by foreigners on trips to Brazil. In the first seven months this year, the figure was US$ 3.012 billion, as against US$ 3.367 billion in the same period of 2008.
As a consequence, the international travel account recorded a deficit of US$ 2.487 billion from January to July 2009, as against US$ 3.474 billion in the same period last year. "These [international travels] are influenced by exchange rates and also by income."
"As the level of activity goes back to behaving better and exchange rates appreciate, higher spending is expected to occur, leading revenues from international travels to rise," said Lopes.
In July alone, the travel account deficit was US$ 600 million, as spending by foreigners in Brazil totalled US$ 445 million, and spending by Brazilians in foreign countries, US$ 1.045 billion. This month, up until the 25th, the international travel account is already running a lower deficit (US$ 383 million) than in July.
So far in August, preliminary figures show that spending by foreigners in Brazil totals US$ 336 million and spending by Brazilians abroad, US$ 718 million. According to Lopes, in August the figures are influenced by payments of expenditure using credit cards during international trips.
*Translated by Gabriel Pomerancblum
