Statistics Portugal (INE) points out that these year-on-year changes "focus on a month in 2020 in which the impact of the Covid-19 pandemic was felt quite intensely."
Exports and imports increased 54.8% and 52.6%, respectively, in May and nominal terms, compared to the same month of 2020, when the impact of the pandemic was felt “quite intensely”, Statistics Portugal (INE) said on Friday.
However, INE points out that these year-on-year changes “focus on a month in 2020 in which the impact of the Covid-19 pandemic was felt quite intensely.”
Compared to May 2019, before the pandemic, exports dropped by 5.2%, and imports fell by 7.5%, with the decrease in exports and imports of transport equipment standing out.
When excluding fuels and lubricants, exports and imports increased by 48.9% and 42.3%, respectively (+81.8% and +61.1% in April 2021), but compared to May 2019, exports and imports decreased by 3.1% and 6.2%, respectively.
Meanwhile, the trade balance of goods deficit increased by €422 million compared to the same month in 2020, reaching €1,369 million, although it decreased by €252 million compared to May 2019.
Excluding fuels and lubricants, the deficit reached €946 million.
In the quarter ending May 2021, exports of goods increased by 51.5% and imports by 38.9% compared to the quarter ending May 2020 (+31% and +16.2%, in the same order, in the quarter ending April 2021).
However, compared with the quarter ended May 2019, exports increased by 4.4%, and imports decreased by 2.7%.
In the cumulative period from January to May 2021, compared to the same period in 2019, exports increased by 1.8%, and imports decreased by 6.7%.
In that period, highlights in both were decreases in transport equipment (-8.5% in exports and -31.1% in imports) and increases in machinery and other capital goods (+9.8% and +3%, respectively) and industrial supplies (+3.1% and +6.8%).