Brazil's current account deficit fell to $US25.3 billion ($A24.76 billion) in the first half of this year, down 2.6 per cent compared with the same period of 2011, the Central Bank says.
Over a one-year period ending in June, the deficit totaled $US51.8 billion ($A50.69 billion) or 2.16 per cent of the country's gross domestic product.
The current account balance is the difference between a nation's total exports of goods, services and transfers, and its total imports of them. it excludes transactions in financial assets and liabilities.
In June, the deficit reached $US4.41 billion ($A4.32 billion), up from $US3.46 billion ($A3.39 billion) in May.
However, direct foreign investment rose to $US5.82 billion ($A5.69 billion), up from $US3.70 billion ($A3.62 billion) in May.
For the whole of 2012, authorities are projecting a deficit of $US68 billion ($A66.54 billion) equivalent to 2.52 per cent of the GDP, the Central Bank said in a March forecast.
The global economic slowdown has dealt a severe blow to Brazil's foreign trade as the country's main partner, China, reduced its demands for commodities.
However, Central Bank Governor Alexandre Tombini on Monday said the country was on track to post around four per cent growth by year's end, with inflation expected to be around 4.5 per cent.
Last week, the Brazilian government said it was cutting its own growth forecast for this year from 4.5 per cent to 3.0 per cent due to the impact of the global slowdown.
The world's sixth largest economy has been experiencing weak growth since late last year due to the eurozone debt crisis and the sluggish US economy.