Brazil’s current account deficit widened to $9.8 billion in September 2025 from $7.4 billion a year earlier, driven by a smaller trade surplus and a wider primary income gap. The trade surplus fell by $2.2 billion, while the primary income deficit grew by $946 million. These were partly offset by a $640 million narrowing in the services deficit and a $115 million increase in the secondary income surplus. Over the 12 months through September, the current account deficit rose to $78.9 billion, equivalent to 3.61% of GDP, compared with $76.6 billion (3.53%) in August and $49.8 billion (2.23%) a year earlier.