Despite the slowdown in both imports and exports, it was more significant in exports. However, the trade balance deficit improved in August by 78 million euros.
Exports of goods from Portugal fell by 3.8% and imports fell by 4.0% in August compared to the same month in 2018, penalised by the fall in trade in fuel and lubricants, the statistics Portugal institute said on Thursday.
According to international trade statistics, the decreases in exports and imports of fuels and lubricants (-44.1% and -43.7%, respectively) particularly in exports of processed products and imports of primary products, may be related to the closure for maintenance of the Sines refinery in August.
Excluding fuels and lubricants, exports increased by 0.6% in August and imports grew by 4.4% (-3.0% and +9.7%, respectively, in July 2019).
In July, exports had increased by 1.3% and imports had risen by 9.5%.
All in all, the goods trade deficit fell by 78 million euros compared to the same period last year, reaching 1,638 million euros in August. Excluding fuels and lubricants, the trade deficit widened by 190 million euros year-on-year to 1,288 million euros.