
Brazil registered its second-largest net dollar outflow in history in 2025, according to preliminary data released on Wednesday (Jan. 7) by the country’s Central Bank. The total exchange flow was negative at USD 33.316 billion, second only to 2019, when it reached USD 44.768 billion.


Despite the significant outflow, Brazil’s currency, the real, appreciated throughout the year, supported by high domestic interest rates and a decline in the dollar on international markets.
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The negative performance was mainly driven by the financial channel, which accumulated a net outflow of USD 82.467 billion in 2025, the second largest in the historical series, behind only 2024. This channel includes foreign direct and portfolio investments, profit remittances, interest payments, and other financial operations.
The commercial channel recorded a net inflow of USD 49.151 billion, which was not enough to offset the overall outflow of dollars.
According to the Central Bank, the main factor behind the lower dollar inflow through the commercial channel was the increase in imports. The volume of foreign exchange contracted for external purchases reached USD 238 billion, the second largest figure on record, behind only 2022. Exports, in turn, totaled USD 287.5 billion during the year. Unlike the trade balance, which includes only exports and imports that have already been carried out, the exchange flow also encompasses operations such as advance payments and advances on foreign exchange contracts.
Outflow in December
In December, the exchange rate flow was negative at USD 13.562 billion, lower than in the same month of 2024, when it reached USD 27 billion. The result reflected a net outflow of USD 20.982 billion through the financial account, partially offset by an inflow of USD 7.421 billion through the trade account.
Traditionally, December concentrates remittances abroad for dividend payments. In 2025, these remittances intensified as companies and investors sought to anticipate the end of the income tax exemption on international remittances, which became taxable in January 2026.
The exchange flow is composed of two parts: the trade flow, which measures foreign exchange settlements for exports and imports, and the financial flow, which covers investments in companies, loans, and transactions in financial markets. Central Bank data show that the dollar outflow last year occurred through the financial channel.