Spending by Brazilians abroad hits new record in May

Even though the dollar rose sharply recently, rising to over R$2, spending by Brazilian tourists abroad reached a record level in May of $1.829 billion. According to the head of the Economic Department at the Central Bank, Tulio Maciel, the rise of the dollar is having little effect on the numbers because travelers plan their trips ahead of time and most expenses were contracted in the past [when the dollar was lower].

 “We see signs of a slowdown in the later part of the year, although the flow will remain significant. What we expect is that the numbers will come down a little, especially compared to last year,” said Maciel.

For the year, the five months from January to May, spending by Brazilians on international travel reached $9 billion, up from $8.4 billion in 2011 during the same period.

Revenue from foreigners visiting Brazil during the first five months of 2012 was slightly over $3 billion (up from $2.8 billion during the same period last year).

The Central Bank now estimates that the “international travel deficit” for this year will close out at $15.5 billion.