Exports of goods and services rose 7% until June, while imports rose 8.1%. There was "an increase in liabilities of non-financial corporations, as a result of investment by non-residents".
In the first six months of the year, combined current and capital account balance stood at €1,678 million in June, compared with -€836 million in the same period in 2017, which was mostly due to the goods and primary income accounts.
Until June, exports of goods and services had increased by 7% (6,8% in goods and 7,4% in services), while imports had increased by around 8,1% (8,9% in goods and 4,5% in services). There was an increase in the primary account deficit, which has risen to €3,611 million, and according to the BdP this increase was motivated by “the combined effect of a reduction in dividends received and an increase in dividends paid abroad”.
Foreign assets were also hit — during the first half of 2018 — as the financial account balance witnessed a decrease in net foreign assets in Portugal of €1,334 million.
Liabilities of non-financial corporations
With more detail, the statistics released showed that there was “an increase in liabilities of non-financial corporations, as a result of investment in equity securities by non-residents”, meaning foreigners are investing in shares that represent the ownership of a firm.