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Analysis

Brazil posts current-account deficit despite goods surplus

Brazil posted a goods trade surplus of about $6.87 billion in September, while its current account recorded a deficit of about $5.1 billion, according to central bank data. The goods balance uses the balance-of-payments methodology. The services and primary-income accounts also ended the month in deficit.

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Representative Brazilian freight shed with wrapped pallets and wooden crates beside an open truck, a Brazilian flag on the wall and a sunlit yard beyond.

Goods and the current account

Brazil’s September balance-of-payments data showed a goods trade surplus of about $6.87 billion, according to the central bank. The current account nonetheless recorded a deficit of about $5.1 billion in the same month. The two figures describe different parts of the same data: a positive balance in goods did not mean that the broader current account was also in surplus.[1], [2]

The scope of goods trade

According to figures reported by Atlas Público, goods exports were $34.584 billion and imports $27.7152 billion. The surplus exceeded the $2.4595 billion recorded a year earlier. The balance-of-payments measure follows changes in economic ownership between residents and non-residents; customs trade statistics use a different methodology. The distinction matters when comparing balances from the two series. The goods surplus totalled $55.71 billion in the first nine months of 2026, compared with $40.29 billion a year earlier.[1]

Other accounts in deficit

The services account posted a $5.243 billion deficit in September and primary income a $7.203 billion deficit, according to central bank figures reported by Tribuna do Agreste. The current-account deficit had been $5.055 billion in August. The cumulative deficit for the first nine months reached $49.273 billion, while the rolling 12-month deficit eased to 2.33 percent of gross domestic product.[2]

References

  1. News sourceAtlas PúblicoBrazil goods surplus reaches $6.87 billion↩1↩2
  2. News sourceTribuna do AgresteBrazil records $5.1 billion current-account deficit↩1↩2