External sector statistics

PRESS RELEASE - March 23, 2018

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I - Balance of payments - February 2018

The current account turned in a surplus of US$283 million in February, and a deficit of US$7.8 billion over the last twelve months, equivalent to 0.38% of GDP. In the financial account, net inflows of foreign direct investment (FDI) summed up US$4.7 billion in February, totaling US$64.8 billion in the last twelve months, equivalent to 3.14% of GDP.

The service account registered a deficit of US$2.5 billion in February, an increase of 4.6% compared with the same month of the previous year. Net expenditure on international travels totaled US$794 million, 4.0% lower than in February 2017, as a result of increases of 3.2% in Brazilian tourist's expenditures abroad and 14.2% in revenues generated by tourism in Brazil, in the same comparison basis. Net expenditures on equipment rentals decreased 12.3% when compared with the same month of the previous years, confirming the recently observed trend.

Primary income net expenditures totaled US$2.0 billion in February, a decrease of 35.2% in comparison with the same month of the previous year. Net interest expenditures reached US$744 million in the month, 18.5% lower than in February 2017. The account of profits and dividends posted net outflows of US$1.3 billion in the month, a decrease of 48.7% compared to the deficit of US$2.5 billion of February 2017. This result was due to the increase of 208.3% in the gross revenues of profits and dividends to US$1.7 billion, while the gross expenditures of profits and dividends remained practically unchanged, in the same comparison basis.

Foreign direct investment (FDI) totaled net inflows of US$4.7 billion, reflecting positive flows of US$4.1 billion in equity capital participation, and net inflows of US$614 million in intercompany loans.

In February, portfolio investment - assets reached US$1.2 billion in net applications abroad, mainly as investment funds. In the first two months of 2018, net inflow of portfolio assets abroad reached US$2.5 billion, 24.9% higher than in the corresponding period in 2017.

Portfolio investment - liabilities registered net inflows of US$1.5 billion in the month, consisting mostly of inflows of fixed-income securities, of which US$1.0 billion related to fixed-income securities traded in the foreign market, and US$450 million to securities traded in the domestic market.

Net inflows of other investment - assets increased by US$1.6 billion in February, including, among others, net granting of US$5.5 billion in trade credit and advances, and net outflow of US$4.1 billion in currency and deposits held abroad.

Other investment - liabilities totaled net outflows of US$355 million in the month, compared to net inflows of US$4.9 billion observed in the corresponding period of the previous year. Trade credits and advances registered net inflows of US$1.4 billion, while net amortization of loans totaled US$1.9 billion, focused on long-term operations.

The rollover rate of long-term direct loans and securities reached 68% in February and 78% in January-February, similar to the rate observed in the first two months of 2017.

II - International reserves

In February, international reserves according to the cash concept totaled US$377.0 billion, an increase of US$1.3 billion. This expansion was due to gains with repurchase operations, US$3.0 billion, and portfolio earnings, US$360 million. Price and parity variations contributed to reduce the stock by US$470 million and US$1.5 billion, respectively. In the liquidity concept, including assets from repurchase operations, the stock of reserves totaled US$382.0 billion in the month.

III - External debt

The position of the estimated gross external debt for February 2018 totaled US$675.8 billion, comprising US$316.2 billion in foreign debt instruments issued in the foreign market, US$231.7 billion in intercompany transactions, and US$128.0 billion in fixed-income securities traded in the domestic market and held by nonresidents. As for the estimated position for December 2017, the total external debt grew by US$7.3 billion, of which US$5.1 billion related to fixed-income securities traded in the domestic market and denominated in Brazilian reais.

IV - Publication of the balance of payments projections

Starting in June, the Central Bank of Brazil will disclose the projections of the balance of payments in the Inflation Report, exclusively. This measure aims to align the specific purposes of each communication instrument of the Central Bank of Brazil. Thus, the Press Release - Statistics of the Foreign Sector will be completely directed at the disclosure of these statistics.