Brazil's Current Account Deficit Narrows in January

Brazil's current account deficit narrowed to $8.4 billion in January 2026, down from $9.8 billion in January 2025, though it fell short of the forecasted $6.6 billion deficit. The goods trade surplus expanded to $3.5 billion, up from $1.4 billion a year earlier. The services account deficit declined 12.8% to $4.0 billion, while the primary income deficit widened 18.7% to $8.3 billion, compared to $7.0 billion in January 2025. On a rolling twelve-month basis, the current account deficit narrowed to $67.6 billion (2.92% of GDP) as of January 2026, improving from $69.0 billion (3.03% of GDP) the previous month. 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 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.