Exports fall 7.3%, imports 21.2% in July – Statistics Portugal

  • Lusa
  • 9 September 2020

National exports show signs of returning to normalcy after the pandemic and the confinement caused 30% drop in overseas sales.

Exports and imports in Portugal decreased 7,3% and 21,2% in July, respectively, in nominal terms, after the June drop of 9,8% and 22,6%, in the same order, published on Wednesday by Statistics Portugal.

According to the International Trade Statistics for July this year, most product categories showed decreases, but in exports, fuel and lubricants fell 59.5% and industrial supplies fell 10.0%.

Imports of goods fell the most in the transport material and fuel and lubricant categories, with respective decreases of 37.5% and 53.0%.

When fuel and lubricants are excluded, exports and imports decreased 4.1% and 17.0%, respectively, after decreases of 7.3% and 16.7% in June, in the same order, INE said.

The trade balance deficit of goods decreased by 1.14 billion euros compared to the same month of 2019, reaching 716 million euros in July 2020, when fuel and lubricants were accounted for.

However, if that category is excluded, the trade balance reached a negative balance of 443 million euros, corresponding to a decrease in the deficit of 881 million euros compared to July 2019.

In an analysis of the months of May, June and July, the INE found that exports and imports of goods decreased respectively 19.2% and 28.0%, compared to the same months of 2019.

In addition to the usual publication of monthly results, the INE revised preliminary figures published on exports and imports for the 2019 total, now presenting the definitive results, which present slight revisions vis-à-vis the preliminary results released in June: positive annual rates of change of 3.5% in exports and 6.0% in imports vis-à-vis 2018, corresponding respectively to revisions of zero percentage points and less than 0.4 percentage points, vis-à-vis the preliminary results.