Another Current Account Deficit in March in Brazil

In March, the current account deficit reached USD1.6bn, well below the USD4.3bn deficit seen in Mar'08 but larger than the $611 deficit posted in February. The key culprit for this worsening was the increase in profit remittances by multinational companies:

“Profit remittances rose to $1.76 billion in March from $1.1 billion in February as multinational subsidiaries sent money home to parent companies to help cover for losses in other parts of the world. “

Brazil's Current Account Showing Effects Of Global Crisis (WSJ)