In 2016, imports grew 1.2% and exports grew 0.9%, a tendency which continues in the first month of 2017.
Concerning goods, the balance of trade continues the same downward trajectory in January 2017 as it did in 2016: the deficit increased 252 million euros, on an homologous comparison. Exports of goods grew 19.6%, but were exceeded by the imports of goods which increased 22.3%.
“In January 2017, exports and imports of goods recorded year-on-year nominal growth rates of +19.6% and +22.3% respectively, vis-à-vis January 2016 (+12.0% and +13.0% in the same order, in December 2016)”, explains Statistics Portugal (INE) in their summary disclosed this Monday, adding that “the deficit of trade balance reached EUR 941 million in January 2017, increasing by EUR 252 million when compared with January 2016”.
If we exclude the effect of fuels and lubricants — one of the most volatile goods, especially in the last year — “exports increased by 17.1% and imports grew by 14.6%”, states the INE. The trade deficit was 535 million euros, “corresponding to a reduction of EUR 5 million in the trade deficit compared to January 2016”.
The major evolution, both concerning exports (33%) and imports (41.3%), took place in trade outside the European Union. As for the evolution of goods which explain the trajectory of the Portuguese trade flows, INE explains that, “in January 2017, as regards exports, all broad economic categories have increased compared to the same month of 2016”. There was, however, special emphasis on Industrial supplies (15.9%), Transport equipment and parts (25.1%) and Fuels and lubricant (59.7%). Fuel propelled imports, having a 106% increase, “mostly as a result of imports of Crude oils”, states INE.