Brazilians' spending abroad up 50% in first quarter

The amount of money spent by Brazilians overseas totaled $1.530 billion in March this year, the Central Bank reported today (Apr. 25). The number if 18.5% higher than the amount registered in the same period last year, when Brazilian nationals spent $1.291 billion. In the first quarter of the year, spending added up to $4.469 billion, 50.4% above what had been posted for January to March, 2016—$2.972 billion.

Head of the Central Bank Economic Department Tulio Maciel said that this increase comes as a result of a “more favorable exchange rate” and an improvement in consumers' confidence. “We've seen in recent months a gradual recovery in confidence. This represents stimulus for consumption,” he argued.

The total revenue from foreigners in Brazil added up to $650 million in March, and to $1.846 billion in the first three months of the year. Since Brazilians' spending abroad are larger than the revenue from foreigners, the account for international travel showed a negative $880 million balance last month, and $2.623 billion in the first quarter.

Translated by Fabrício Ferreira