Imports grew five times more than exports in Q3

  • ECO News
  • 8 November 2019

The National Statistics Institute (INE) revealed data on the balance of goods. The Government forecasts that the total sales to abroad will rise by 2.9% this year, below the 5.4% of purchases abroad.

The Imports of goods grew five times more than exports in the third quarter of the year, revealed the National Statistics Institute (INE), with purchases abroad rising 6.3%, against 1.2% in sales to foreign markets.

These figures include only the goods account and it is necessary to wait for data from the Banco of Portugal where the services account is included, providing a more complete picture of trade with abroad.

In Q3, exports and imports of goods showed an acceleration compared to the quarter ending in August, when imports had risen by 0.5% and exports had retreated by 3.6%.

A higher growth of imports than exports has been a dominant note in the performance of the Portuguese economy, which, with the recovery of investment, has increased the need for purchases from external markets. On Thursday, the European Commission highlighted this.

For the year, the Government expects total exports (which include goods and services) to grow by 2.9% while total imports should increase by 5.4%.