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25/04/2017 - 16:00hs

Overseas spending by Brazilians up 50%

Expenditure on international travel reached USD 4.47 billion in the first quarter of the year. The result was fueled by appreciation of Brazil’s currency, the real.

Brasília – Expenditure by Brazilian travellers in other countries reached USD 1.53 billion in March, the Brazilian Central Bank reported this Tuesday (25). The result is up 18.5% from USD 1.291 billion in March 2016. First-quarter spending amounted to USD 4.469 billion, up 50.4% from USD 2.972 billion in Q1 2016.

The head of the Central Bank’s Economic Department, Tulio Maciel, said the spending hike was the result of a “more favorable exchange rate” and of improved consumer confidence. “Over the last few months we have witnessed a gradual recovery of confidence. This constitutes a stimulus to consumption,” he said.

Expenses incurred by non-Brazilians in Brazil reached USD 650 million in March and USD 1.846 billion in Q1. As a result, the international travel account showed a USD 880 million deficit last month and a USD 2.623 billion deficit in Q1.

Preliminary data for the ongoing month indicate that international travel expenditure by Brazilians is still going strong. From April 1 to 20, USD 1.023 billion were spent, with spending by foreigners in Brazil stood at USD 313 million. At this rate, expenditure will have increased by 32% year-on-year at the end of April.

*Translated by Gabriel Pomerancblum

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