São Paulo – Brazil posted a current account deficit of USD 1.55 billion, a seven-year low for the month. In November 2022, the deficit had been USD 1.67 billion, the Central Bank of Brazil reported on Wednesday (3).
Year to date through November, the current accounts deficit reached USD 33.65 billion, also a reduction from October 2023 and the same period in 2022, when it was at USD 49.9 billion (pictured above, the headquarters of the Central Bank in Brasília).
According to information from Agência Brasil, the head of the Central Bank’s Statistics department, Fernando Rocha, assessed that Brazil has a robust current account balance, with decreasing and low deficits, primarily due to the performance of the trade balance. In November, the balance between exports and imports was positive at USD 6.6 billion.
The Central Bank also released November’s foreign direct investments (FDI) data. USD 7.78 billion entered the country in November 2023, a slight increase over the same month in 2022, when USD 7.58 billion was invested in Brazil. The Central Bank forecasts that direct investments in the country will reach USD 60 billion in 2023 and USD 70 billion in 2024.
The Bank also said Brazil’s international reserves totaled USD 348.4 billion in November, a USD 8.15 billion expansion over November 2022.
Translated by Elúsio Brasileiro
