UPDATE 1-Brazil July current account deficit soars vs yr ago

* July current account deficit $4.499 billion

* 12-month current account deficit 2.24 percent of GDP

* Foreign direct investment $2.643 billion in July
(Recasts, adds details)

BRASILIA, Aug 23 (BestGrowthStock) – Brazil’s current account
deficit for July nearly tripled that over the year-ago period
as imports rose faster than exports.

Brazil posted a current account deficit (BRCURA=ECI: ) of
$4.499 billion in July, the central bank said on Monday. That
compared to $1.623 billion in July 2009.

The country was expected to post a deficit of $4.55 billion
for the month, according to the median forecast of 12
economists surveyed by Reuters. The estimates for the deficit
ranged from $4.1 billion to $5 billion.

For the 12 months through July, the current account deficit
was equal to 2.24 percent of gross domestic product, compared
with a previously reported 2.13 percent in the year through
June.

Brazil’s trade surplus dropped to $1.357 billion in July
from the year earlier figure of $2.911 billion. Profit and
remittances by multinationals in the country to their
headquarters abroad edged up to $1.802 billion from $1.724
billion, while debt amortizations dipped to $2.033 billion from
$2.989 billion.

Foreign direct investment reached $2.643 billion last
month. The median forecast of 12 in a Reuters survey had seen
FDI at $2 billion for the month.

For details on the July current account indicators, please
see:

http://www.bcb.gov.br/?ECOIMPEXT
(Reporting by Isabel Versiani and Ana Nicolaci da Costa;
Writing by Luciana Lopez)

UPDATE 1-Brazil July current account deficit soars vs yr ago