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Briefing

Brazil: External Accounts

Appears in: Emerging Markets, Latin America, Macroeconomy, Brazil, Current Account, Trade and External Balance

Critical Issues

Background:

Brazil’s trade pattern is in the midst of a gradual shift away from traditional trade partners – the U.S. and Europe – and towards East Asia and other Latin American economies. China became Brazil’s biggest single-nation export destination during 2009, thanks mainly to China’s growing demand for Brazilian oil and other commodities. Brazil runs a small but significant current account deficit overall (around 1% of GDP but likely to rise as domestic demand recovers), although this is far outweighed by Brazil’s success in attracting foreign direct investment capital (over the last five years Brazil has consistently attracted more FDI than any other South American economy including Mexico).

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