Brazilian spending overseas exceeds US$ 1 billion for the fifth consecutive month in July
- September 27, 2022
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Value, however, is lower than the average for July, the holiday period. In the partial year, spending abroad grew 193%.
Brazilian spending abroad totaled US$ 1.05 billion in July this year, the Central Bank reported on Monday (26).
This was the fifth month in a row in which expenses abroad exceed the US$ 1 billion mark.
However, in comparison with the months of July, a traditional month of school holidays, the pre-pandemic level has not yet been resumed.
In July 2018 and 2019, for example, spending abroad totaled US$1.73 billion and US$1.89 billion.
In the first seven months of this year, according to the BC, Brazilian spending abroad totaled US$ 7.03 billion.
This represents an increase of 193% compared to the same period last year (US$ 2.39 billion).
Pandemic and high dollar
The expenses of Brazilians abroad are also influenced by some factors, such as the level of economic activity and the price of the dollar, used in international transactions.
In the months following the beginning of the pandemic, in March 2020, the dollar soared, and flights to several countries were suspended. International borders began to reopen in 2021.
Prior to Covid-19, expenses were typically above $1.3 billion, and could exceed $2 billion in peak season months.
Tickets and hotel expenses, for example, are quoted in foreign currency. Thus, when the dollar is high, Brazilians end up spending more on these items.
In recent days, the US currency has been operating on the rise, marked by risk aversion abroad, while in Brazil the final stretch of the electoral race contributed to the caution of investors.
This Monday, the US currency rose, at 9:22 am, 1.64%, to R$ 5.3340.