·  Brazil's has been recording a deficit on its current account for the last nine months after having recorded surpluses since 2002.  In March the seasonally unadjusted deficit was $4,429 million US$, the largest in the last ten years, as can be seen in the first chart. The data are also shown on a quarterly basis in the second chart.  In subsequent charts, we show the data on a quarterly basis to moderate the fluctuations in the monthly series. 

· The major components of the current account are shown in the third chart.  The positive trade balance that was the main factor in the current account surpluses of recent years, has been declining.  In the first quarter of 2008, while still positive, was only $2,835 million US$ compared to a peak of $14,482 million US$ in the third quarter of 2006.  Unilateral current transfers continue to be positive, but are small.  The big negatives are the balances on services of -$3,845 and on income of -$10,736 million US$.  The net outflow of  profits and dividends on investments in Brazil has increased steadily, though irregularly since 2004 and net Income payments on debt have declined in recent years as can be seen in the fourth chart.