Brazil’s External Accounts Hit the Biggest Shortfall Since 2014, But Funding Still Held Up

Key Points Brazil’s current-account deficit widened to $68.8 billion in 2025, the biggest shortfall since 2014, mainly because the trade surplus shrank. Foreign direct investment still covered the gap in full, but December exposed how profit payments can flip monthly flows negative. Record trade volumes, shifting services accounting, and a new 2026 tax on profit […]