Exports up 5.1%, imports up 8.1% in 2018 – INE

Portuguese exports increased 5.1%, totalling €57.8 billion, and imports grew 8.1%, to €75.36 billion in 2018, in nominal terms, compared to the previous year, the Statistics Portugal (INE) said on Monday.

According to the of INE’s International Trade Statistics of 2018, the balance of trade of goods had a deficit of €17.56 billion, €2.89 billion more than the previous year, mainly due to trade outside the European Union, which recorded a €2.18 billion increase in the deficit.

The INE, which issued the provisional results of the International Trade in Goods statistics for 2018, also showed that, excluding fuels and lubricants, exports increased by 5.3% and imports by 7.8% (+9.0% and +11.6%, respectively, in 2017) and the deficit increased by €2.095 billion to €12.45 billion.

Portugal’s goods transactions with abroad continue to be mainly with countries that belong to the European Union (EU), with this dominance having increased to 76.1% in exports (two percentage points more than in 2017), which, according to INE, was related to the 3% decrease in exports to non-EU countries and to the decrease in imports to 75.8% (0.5 percentage points less than in 2017).

The main external customers and suppliers of goods to Portugal continued to be Spain, France and Germany, with the largest trade deficit continuing to be with Spain, with the balance of transactions worsening by €387 million, while the largest surplus was recorded in the relationship with the United Kingdom (the previous year had been with the United States).

The machinery and equipment segment remained the main imported and exported product group in 2018, with the largest trade deficit in machinery and equipment (position occupied by mineral fuels in 2017), while the largest surplus continued to be recorded in mineral and mineral transactions.

In 2018, the coverage rate of energy products (oil products, gas and coal) reached 44.4%, a result of €4.289 billion of exports and €9.657 billion of imports of these products, “reflected in Portugal’s high dependence on foreign energy”, the INE added.

The balance of the trade balance of energy products showed a deficit throughout the period under review, totalling a negative value of €5.368 billion in 2018.