Exports up 18.1%, imports 21.1% in 2021

Portuguese exports of goods increased by 18.1% and imports by 21.1% in 2021 compared to the previous year, in a “strong acceleration” compared to the decreases of 10.3% and 14.8% recorded in 2020, Statistics Portugal (INE) said on Wednesday.

According to preliminary results, in 2021, exports totalled €63.47 billion, and imports amounted to €82.52 billion, which translates into a trade balance deficit of just over €19 billion (€4.65 billion more than the previous year) and a decrease of 2.0 percentage points in the coverage rate, to 76.9%.

Compared to 2019, the trade deficit decreased by €1.03 billion, with exports and imports showing increases of 6.0% and 3.2%, respectively.

According to INE, “this evolution is partly the result of the price variation, which from January to November recorded, compared to the same period of the previous year, increases of 7.1% in exports and 8.6% in imports. Excluding oil products, the variations were +5.6% and +5.1%, respectively,” INE noted.

In 2020, the first year of the pandemic, exports fell by 10.3%, dropping for the first time since 2009, while imports fell by 14.8%.

Excluding fuel and lubricants, exports and imports grew by 16.7% and 17.4%, respectively, in 2021 compared to the previous year (-8.9% and -12.3% in 2020, in the same order) and increased by 6.3% and 3.0% compared to 2019.

The trade deficit excluding fuel and lubricants stood at €13.21 billion, increasing €2.27 billion compared to 2020 and decreasing by €1.42 billion compared to 2019.