Brazil Posts Narrowest Current Account Deficit for March in 5 Years

Brazil posted a current account deficit of $2.764 billion in March, the lowest shortfall for the period in five years, amid a solid performance in foreign trade, central bank data showed on Monday, Reuters reported. This was the best reading for March since 2017, when the country recorded a current account surplus of $185.5 million. The performance was backed by an improvement in the trade balance, which showed a surplus of $6.109 billion against a $514 million deficit in March 2021. The publication of data resumed after the end of a strike by central bank officials, which had suspended the release of central bank indicators for months. A strong commodity exporter, Brazil benefited from a surge in international prices earlier this year triggered by the Russian-Ukraine war. In 12 months, the current account deficit reached 1.41% of GDP, the central bank said. Read more.