Brazil registers record-high current account deficit in 1H

11:09, July 27, 2010      

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Brazil accumulated a current account deficit of 23.762 billion U.S. dollars in the first half of 2010, Brazil's Central Bank said on Monday.

The amount, which represents 2.47 percent of Brazil's gross domestic product (GDP), is record-high, and three times that of the same period last year.

Brazil registered a current account deficit of 7.177 billion dollars during the first half of 2009 and 24.302 billion dollars in the whole year of 2009.

In June, the current account deficit increased to 5.18 billion dollars from 1.988 billion dollars in May, registering the highest for June since 1947, said the central bank.

The current account figures are formed by the trade balance, the services and income account, and the unilateral transfers from abroad.

According to the central bank, the services and income account registered a deficit of 7.601 billion dollars in June, up from 5.464 billion dollars in the same month of 2009.

The trade balance, on the other hand, registered a surplus of 2.277 billion dollars in June, down from 4.604 billion dollars in June 2009. The unilateral transfers from abroad totaled 144 million U.S. dollars, down from 285 million dollars in the same period last year.

In the first six months of the year, the surplus of trade balance dropped to 7.878 billion dollars from 13.909 billion dollars in the same period in 2009. The services and income account registered a deficit of 33.248 billion dollars in the period, up from 22.75 billion dollars in the first half of 2009.

The unilateral transfers from abroad decreased to 1.608 billion dollars in the first half of the year, from 1.664 billion dollars in the same period in 2009.

The central bank also said the foreign direct investments (FDI) totaled 708 million dollars in June, down from 1.431 billion dollars in the same period last year. The figures were the lowest for June in seven years.

In the first half of 2010, the FDI dropped to 12.058 billion dollars from 12.665 billion dollars in the January-June period of 2009.

Additionally, the central bank said Brazil's foreign exchange reserves amounted to 253 billion dollars by the end of June.

Source: Xinhua

(Editor:祁澍文)

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