Exports accelerate and beat imports for the first time this year

In August, exports of goods increased at a much faster pace than imports. It was the first time this year that exports increase more than imports: this evolution can be easily explained by the growth of sales to foreign countries, both of transport equipment and fuel and lubricants, Statistics Portugal (INE) state.

“In August 2017, exports and imports of goods recorded year-on-year nominal growth rates of +14.3% and +12.8% respectively (+4.6% and +13.0% in the same order, in July 2017)”, INE stated. It was the first time this year that there has been a higher increase rhythm of exports than of imports.

“The main contributions for the acceleration of exports came from the economic categories Transport equipment and Fuel and lubricants” which grew 39.1% and 38%, respectively, INE stated. “Excluding Fuels and lubricants, exports increased by 12.4% and imports grew by 14.7%”. In imports, the largest increase corresponded to transport equipment: 30.6%.

Deficit continues to increase

In spite of this evolution, the trade balance deficit was higher than July’s: it went from 1,065 to 1,316 million euros. The amount registered in August “increasing by EUR 105 million when compared with August 2016”, states INE.

INE also added: “Excluding Fuels and lubricants, the trade balance stood at EUR 1,054 million, corresponding to an increase of EUR 201 million in the trade deficit compared with August 2016”.

Germany, the destination which grew the most

In August of 2017, considering the main destination countries in 2016, “the largest increases were recorded in exports to Germany and Spain (corresponding to +21.1% and +8.3% respectively)”.

As for imports in August of 2017, considering the main partner countries of 2016, “the emphasis was on the increases in imports from Germany and Spain (corresponding to +26.3% and +8.0% respectively)”, INE adds. “In this month, only imports from Brazil decreased (corresponding to -60.8%)”, INE concludes.