2021 started with falls in exports and imports, which were mainly due to a decrease in the purchase of fuel and transport material.
Portugal saw exports of goods sink 9.8% in the first month of the year, compared to the same period in 2020. Imports shrank 17.2%, according to data released by the National Statistics Institute (INE) this Friday. Figures compare with falls of 7.4% and 6.5%, in December, thus representing a worsening.
“These growth rates were heavily influenced by the sharp declines of exports and imports of Fuels and lubricants (-39.3% and -46.1%, respectively) and Transport equipment (-10.9% and -26.4%, in the same order),” INE said.
In exports, “the emphasis goes to the decreases of exports to Germany (-11.2%), mostly Transport equipment and Spain (-4.6%), mainly Consumer goods (mostly Clothing). As regards imports from the main partner countries, the emphasis was on the decreases from Spain (-8.9%), mainly Consumer goods (mostly Clothing) and from the United Kingdom (-85.6%).”
Excluding ‘fuel and lubricants’, exports decreased by 7.3% and imports by 12.6% (-3.4% and -2.6%, respectively, in December 2020).
The trade balance of goods deficit decreased by 630 million euros compared to the same month in 2020, reaching 834 million euros in January 2021. Excluding ‘fuels and lubricants’, the deficit decreased by 377 million euros to 600 million euros.