In relation to last year, exports have decreased as they registered a 6,2% growth against last year's 17,7% raise over the same period.
The latest National Statistics Office (INE) data shows that exports are decelerating, whereas imports have stalled. Exports of Portuguese goods have increased by 6,2% while imports increased 0,3% during the month of may. However, both remain below last year’s registered growth during the same period in which Portugal’s exports had increased by 17,7% whereas imports had gone up by 12,9%.
Exports growth is connected to the 8,7% boost in intra-EU trade and towards outside markets Portugal’s performance has lowered, having decreased 1,1%. Imports have also decreased following the same trend – dropping 11,9% in imports from countries outside the EU.
The trade deficit has decreased in comparison to the same period last year: this year’s negative balance stood at €1.122m which was significantly higher than last year’s deficit, which surpassed it by €284m.
Imports of fuel and lubricants fall
May 2018 accounts for a considerable 15,5% fall in the imports of lubricants and fuel in comparison to the same period in 2017. We witness a marked increase of 32,3% during may of 2018 in relation to 2017 in exports of those goods. Volkswagen’s presence in Portugal continues to have a great weight for Portuguese trade as 18% of our exports are allocated to vehicle parts.