Exports grew even less than imports in January

  • ECO News
  • 12 March 2018

Portugal exported 9.6% more in the beginning of 2018 than one year earlier, in January of 2017. Imports, however, also accelerated: they had a 12.4% increase, resulting in a deficit trade balance.

Imports rose more than exports in January of 2018, starting of the year with a net acceleration in comparison to quite a slow month of December. On a year on year comparison, Portuguese exports of goods increased 9.6%, while imports accelerated 12.4% in comparison to the first month of 2017.

This Monday, Statistics Portugal (INE) disclosed their International Trade Statistics concerning the first month of the year, and the trade deficit of goods worsened by 245 million euros in comparison to the homologous month, reaching 1,249 million euros. Services are excluded, which also concern tourism.

“Excluding Fuels and lubricants, the trade balance stood at EUR -742 million, corresponding to an increase of EUR 132 million in the trade deficit compared with January 2017”, can be read in INE’s press release.

When regarding quarterly data, the difference between exports and imports is much narrower. In the quarter between November and January, exports increased 7.3% and imports rose 7.4%, in comparison to the same quarter of the previous year.

In spite of a slow December, January is the month which had more exports, both in volume and GDP weight, as the Economy minister, Manuel Caldeira Cabral, foresaw. However, 2017 also had an “accentuated deceleration” in imports, which resulted in a trade deficit of goods of 13.8 billion euros in the end of the year.