Brazil Current Account Deficit Widens in November

Brazil’s current account deficit narrowed sharply to $3.4 billion in December 2025, from a $10.2 billion shortfall a year earlier and well below market expectations of a $5.3 billion deficit. The improvement was driven by a stronger goods trade balance, which posted an $8.8 billion surplus, up from $4.1 billion in December 2024. Goods exports rose 24.3% year-on-year to $31.2 billion, while imports increased 6.7% to $22.4 billion. The services account deficit declined 23.2% to $3.8 billion, compared with $5.0 billion a year earlier. The primary income deficit narrowed 8.4% to $9.2 billion, while the secondary income account recorded a larger surplus, rising by $176 million year-on-year. For full-year 2025, Brazil’s current account deficit reached $68.8 billion, equivalent to 3.02% of GDP, slightly wider in nominal terms than the $66.2 billion deficit (3.03% of GDP) recorded in 2024.

Brazil’s current account deficit widened to USD 4.9 billion in November 2025, from USD 4.4 billion a year earlier, in line with market expectations. The goods trade surplus narrowed to USD 5.1 billion from USD 6.0 billion, as exports rose 2.3% to USD 28.7 billion while imports increased faster, up 7.1% to USD 23.6 billion. The services deficit declined 11.8% to USD 4.5 billion. Meanwhile, the primary income deficit widened 6.4% to USD 6.2 billion, while secondary income increased by USD 176 million. Over the twelve months to November, the current account deficit reached USD 77.7 billion, equivalent to 3.47% of GDP, up from USD 77.2 billion (3.49%) in October and above the USD 61.5 billion (2.78%) recorded a year earlier.

Brazil’s current account deficit narrowed to USD 5.1 billion in October 2025, from USD 7.4 billion a year earlier. The goods trade surplus widened to USD 6.2 billion from USD 3.2 billion, as exports rose 8.9% to USD 32.1 billion and imports fell 1.3% to USD 25.9 billion. The services deficit held at USD 4.4 billion. The primary income deficit increased 12.7% to USD 7.4 billion, while secondary income was stable. Over the twelve months to October, the current account deficit reached USD 76.7 billion (3.48% of GDP), down from USD 79.0 billion (3.61%) in September but above the USD 57.3 billion (2.57%) gap seen a year earlier.