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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.570-4.5%Dec 26 9:30 AM EST
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To: wl9839 who wrote (15321)5/17/1999 11:34:00 AM
From: wl9839  Read Replies (1) of 22640
 
Brazil's Current Account Deficit Swells to Widest in 3 Months

Brasilia, May 17 (Bloomberg) -- Brazil's current account
deficit swelled in April to its widest level in three months on
rising foreign debt payments and falling exports.

The shortfall in the current account -- the broadest measure
of a country's trade and services flow -- swelled 45 percent to
$2.5 billion from $1.7 billion in March. That's the widest since
January.

The deficit for the 12 months ended April 30 was $35
billion, or 4.5 percent of gross domestic product.

The widening of the deficit could renew pressure on the
currency -- especially if the trend were to continue in coming
months. Investors had expected the current account deficit to
narrow quickly after January's devaluation, as exports were
expected to fall and imports rise.

It hasn't happened because many exporters -- struggling to
find buyers for their products in a region wracked by recession -
- haven't been able to benefit from the weaker currency.
Exports have also been curbed by weak prices for Brazil's key
export products, such as coffee, sugar and soybeans. Brazil
posted a trade surplus of $30 million in April, even as exports
fell 3.1 percent from March, to $3.71 billion.
''The problem is the trade numbers,'' said Jose Carlos de
Faria, an economist with ING Barings in Sao Paulo.

The real fell 0.7 percent in morning trading to 1.67 reais
to the dollar.

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