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brazil-flag-1024BRASILIA: Brazil posted its biggest current account surplus for March in 12 years, central bank data showed on Tuesday, beating market estimates after a sharp increase in its trade balance.

Brazil had a current account surplus of $1.397 billion in March, well above the market forecast for stability. The country attracted $7.1 billion in foreign direct investment in March, in line with forecasts in a Reuters poll.

In March, Brazil posted a record trade surplus for that month of $7.1 billion despite a small drop in beef exports after a corruption scandal over spoiled meat.

A sharp drop in imports after two years of recession, as well an increase in exports pushed by a weaker real, have bolstered the country's trade surplus, which the central bank expects to reach $51 billion this year.

The country's current account, however, continues in negative territory.

The deficit in the 12 months through March equaled to 1.10 percent of gross domestic product.

 

 

Copyright Reuters, 2017

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