BRASILIA: 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.
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