Exports grew 0.9% and imports increased 1.2% in 2016

Exports of goods increased 0.9% last year, although imports had a 1.2% increase, disclosed Statistics Portugal (INE) this Thursday. In 2015, exports had grown 3.7% and imports, 2.2%. Being so, the trade balance deficit has increased by 281 million euros.

All in all, Portugal exported 50,290 million euros, or 47,282 million if fuel and lubricants are not accounted for (exports would have grown 2.4% if that was the case). The main products exported by Portugal are industrial supplies, consumer goods — which had a 6.1% increase — and food and beverage, which had a 4.5% increase. As for imports, the Portuguese Republic imported 61,055 million euros (also without accounting for fuel and lubricants, which would have made imports grow 4.8%, to 54,923 million).

Portugal exports mainly to Spain and France: it had an increase of 5.5% and 4.8%, respectively. Yet, exports to Angola and Brazil have suffered a significant decrease of 28.4% and 5.2%, respectively. Concerning imports, the largest supplier of the country is Spain (which had a 0.39% increase), followed by Germany (which had 6.2% more imports).

Ultimately, the trade balance had a deficit of 10,766 million euros, which mean a worsening of 281 million euros. Excluding fuel and lubricants, once again, the deficit would have been 7,641 million euros, a 1,045 million increase when compared to 2015.