Brasília – Expenditure by Brazilians in foreign trips totals US$ 834 million so far this month, up until today (24th), as informed today by the head of the Economic Department at the Central Bank of Brazil, Altamir Lopes. Spending by foreigners in the country total US$ 331 million.
As a result, the country’s travel account is running a deficit of US$ 504 million, a figure higher than recorded in August (US$ 460 million). Last month, foreigners generated revenues of US$ 456 million and expenditure by Brazilians abroad totalled US$ 916 million.
According to Segundo Lopes, spending by Brazilians on trips is on the rise and is linked to income, but revenues from spending by foreigners in Brazil is expected to increase as well.
“Despite the higher deficit, the result takes into account both increases in spending [by Brazilians abroad] and in revenues [by foreigners in Brazil]. It reflects the present moment, the exchange rate trend and, in a more permanent way, the expansion of income,” said Lopes.
From January to August, the travel account deficit was US$ 2.947 billion, with US$ 3.467 billion in revenues generated by foreigners in Brazil, and US$ 6.414 billion in expenditure by Brazilians abroad.
Today, the Central Bank of Brazil also informed that it has altered the estimate for the travel account deficit, i.e. higher spending by Brazilians abroad than by foreigners in Brazil. By the new estimate, the deficit should be US$ 4.5 billion, as against the previous forecast of US$ 3 billion. In 2010, the deficit should be US$ 5 billion, according to the forecast of the Central Bank.
*Translated by Gabriel Pomerancblum
