Brazil’s current account deficit narrowed to $8.4 billion in January 2026, from $9.8 billion in January 2025, although it remained above the forecast deficit of $6.6 billion. The goods trade surplus rose sharply to $3.5 billion, compared with $1.4 billion a year earlier. The services account deficit fell 12.8% to $4.0 billion, while the primary income deficit widened 18.7% to $8.3 billion, up from $7.0 billion in January 2025.
On a rolling twelve-month basis, the current account deficit narrowed to $67.6 billion (2.92% of GDP) as of January 2026, improving from $69.0 billion (3.03% of GDP) a month earlier. For full-year 2025, Brazil’s current account deficit totaled $68.8 billion, or 3.02% of GDP, slightly higher in nominal terms than the $66.2 billion deficit (3.03% of GDP) recorded in 2024.
