Brazil Posts Record September Current-Account Deficit as Imports Surge

Overview

• Brazil’s current-account gap reached US$9.774 billion in September, the largest negative balance for that month since the series began in 1995.
• On a 12‑month basis, the deficit widened to US$78.947 billion, equal to 3.61% of GDP and up from both August 2025 and a year earlier.
• Net foreign direct investment totaled US$10.671 billion in September, a record for the month, with 12‑month FDI at US$75.843 billion (3.47% of GDP).
• The 12‑month current‑account shortfall exceeded 12‑month FDI for the eighth straight month, the biggest inversion of this relationship since 2013–2015.
• Weaker trade and higher income outflows drove the result, with goods imports at a record US$28.4 billion including a US$2.4 billion oil platform, a primary‑income deficit near US$7.6 billion, and international reserves rising to about US$356.6 billion.