Brazil flash: Trade balance deterioration weakens the current account

The current account deficit was equal to USD 7.1bn in January (17%m/m; 27%y/y), the biggest monthly deficit ever. The increase in the deficit was driven by a sharp worsening of the trade balance and by very significant deficits in both service and income accounts. On the other hand, external funding continued to be very favourable: FDI remained strong and portfolio inflows picked up in January.

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