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Brazil's external deficit soars in first five months

06-23-2010 14:18 BJT

BRASILIA, June 22 (Xinhua) -- Brazil's external deficit soared in the first five months of this year to 18.75 billion U.S. dollars, almost three times higher than the same period last year.

The figure, which shows the difference between purchases and sells of services and goods with foreign countries, is equivalent to 2.35 percent of Gross Domestic Product (GDP), according to data released Tuesday by the Central Bank.

In May, the deficit totaled 2 billion dollars, the worst record for the month since 2001.

Altamir Lopes, chief of the Central Bank's economic department, stressed that the increase in the deficit reflects the improvement of Brazilian economy, since international travel expenses and equipment and transportation rentals increased.

The current account is composed of three categories: trade balance; services and income account, which links flow in different types of external loans and outputs for interest payment, profit remittances and services in general; and unilateral transfers, which are resources sent by Brazilians living abroad.

Editor:Du Xiaodan |Source: Xinhua

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