Improvement in dollar terms driven by Brazil's lower dividend outflows

It turns out that the bulk of the improvement came through lower dividend payouts from foreign firms in the income category. The bulk of the CAB deterioration last year had less to do with the merchandise trade balance and more to do with the deficit in the income and services category.
 
In that respect, the improvement in the income balance was necessary for the improvement in the CAB. However, this seems to suggest that lower dividend outflows (while the rate of earnings reinvestment hardly shows any improvement) are simply the result of low domestic growth.