In 2025, Brazil recorded the second largest net outflow of dollars in the historical series, which began in 1982, according to preliminary data released this Wednesday (7) by the Central Bank (BC). The total foreign exchange flow was negative at US$33.316 billion, a volume only lower than that recorded in 2019, when the outflow totaled US$44.768 billion.
Despite the impressive result, the real appreciated throughout the year, supported by high interest rates in the country and the fall of the dollar in the international market.
The negative performance was mainly caused by the financial channel, which accumulated a net outflow of US$82.467 billion in 2025, the second largest in the historical series, behind only 2024. This channel includes direct and portfolio foreign investments, profit remittances, interest payments and other financial operations.
The commercial channel presented a net inflow of US$49.151 billion, insufficient to compensate for the strong financial evasion. The positive balance was below the peak recorded in 2007 and also lower than that observed in 2024.
Imports
According to the BC, the main factor for the lower inflow of dollars through trade was the increase in imports. The volume of exchange contracted for external purchases reached US$238 billion, the second highest in the historical series, behind only 2022.
Exports totaled US$287.5 billion in the year. Unlike the trade balance, which only includes exports and imports already made, the exchange flow includes operations such as advance payments and advances on exchange contracts.
Appreciation of the real
Even with the significant outflow of dollars in the spot market, the real appreciated in 2025. High interest rates in Brazil and the global weakening of the dollar stimulated favorable positions for the Brazilian currency in the derivatives market (assets that derive from other assets), offsetting the negative exchange rate flow.
The Central Bank, in turn, had limited action in the spot market, carrying out only two interventions of US$ 1 billion each, through the mechanism known as “casadão”. In these operations, the BC sells dollars from international reserves, combining with reverse currency swaps, the purchase of dollars on the futures market, in the same amount. The casadão allows the monetary authority to ease the interest rate in dollars, without changing the exchange rate.
Departure in December
In December, the exchange flow was negative at US$ 13.562 billion, a value lower than that recorded in the same month in 2024, when the outflow reached US$ 27 billion. The result reflected an outflow of US$20.982 billion through the financial account, partially offset by an inflow of US$7.421 billion through the commercial account.
Traditionally, December concentrates remittances abroad for the payment of dividends. In 2025, remittances were intensified by companies and investors who sought to anticipate the end of the income tax exemption on international remittances, which began to be taxed from January 2026.
Preview
Monetary and financial relations between residents and non-residents are measured by the balance of payments, published at the end of each month by the Central Bank. The exchange flow, however, works as a preview of the numbers, when accounting for advances on exchange contracts and advance payments.
The exchange rate flow is made up of two parts: the commercial flow, which measures the exchange rate closing for exports and imports, and the financial flow, which measures investments in companies, loans and transactions in the financial market. Data from the Central Bank shows that, last year, the flight of dollars occurred in the financial channel.
