Brazil’s current account deficit widened to US$7.1 billion in July 2025 from US$5.2 billion a year earlier, exceeding market expectations of US$5.6 billion. The primary income gap rose to US$8.9 billion from US$7.5 billion and the goods trade surplus narrowed to US$6.5 billion from US$7.0 billion, as imports advanced 8.3% to US$26.1 billion while exports increased at a softer 4.8% to US$32.6 billion. Meanwhile, the services deficit remained at US$5.0 billion, with higher outflows in travel, telecommunications, intellectual property, and equipment rentals partly offset by lower transport costs. Over the 12 months through July, the current account deficit reached US$75.3 billion, equivalent to 3.5% of GDP.