Brasília – The strong US dollar price hike has caused overseas spending by Brazilians to slow down last month. Spending reached US$ 1.72 billion in November, down 7.2% from US$ 1.85 billion in November 2013. The data have been released this Friday (19th) by the Brazilian Central Bank.
Central Bank data also show that year-to-date through November, spending by Brazilian tourists during international travels reached US$ 23.485 billion, up 3% from US$ 22.79 billion in the comparable year-ago period.
Spending by foreigners in Brazil stood at US$ 475 million in November this year and at US$ 556 million in November 2013. Foreigners spent US$ 6.39 billion in the country Year-to-date through November, and US$ 6.125 billion in the comparable period of 2013.
In November, foreigner expenditure in Brazil exceeded that of Brazilians abroad by US$ 1.2 billion, down 4.1% from November 2013.
In general terms, according to the Central Bank, Brazil’s current account balance – i.e. total trade in goods and services with the rest of the world – ran a US$ 9.3 billion deficit in November and an US$ 80 billion deficit year-to-date through November. The deficit in November was higher than in November 2013 (US$ 72.5 billion).
The balance of payments – the country’s total revenues minus expenses – showed a US$ 416 million surplus last month.
In the 12-month period ended November, the current account balance had a deficit of US$ 88.7 billion, equivalent to 4.05% of Gross Domestic Product (GDP).
The financial account ran a US$ 9.1 billion surplus in November, highlighting a US$ 4.6 billion net foreign direct investment (FDI) inflow. In 12 months, net FDI inflows amounted to US$ 62.3 billion, equivalent to 2.85% of GDP.
*Translated by Gabriel Pomerancblum
