FX.co ★ Brazil Current Account Deficit Lower Than Expected

Brazil’s current account deficit held nearly steady at $3.2 billion in May 2026, matching the shortfall recorded in the same month a year earlier but coming in below market expectations of a $4.2 billion deficit.

The trade surplus widened to $7.8 billion from $7.1 billion, supported by a 6.6% increase in exports, which outpaced a 5.3% rise in imports. The surplus in secondary income also edged higher, reaching $0.57 billion compared with $0.44 billion a year before.

By contrast, the services deficit grew to $5.2 billion from $4.6 billion, largely reflecting increased spending on international travel, telecommunications and IT services, and intellectual property. The primary income deficit was broadly unchanged at $5.5 billion, as net profit and dividend outflows declined 6.8%, while net interest payments fell by 18.1%.