Imports grew twice as much as exports in February

In February, exports and imports of goods registered nominal year-on-year growth rates of 20.3% and 42.3%, respectively. Statistics Portugal (INE) highlights increases in industrial supplies and in imports of fuel and lubricants.

Compared to what had been the first month of the year, data released by INE showed a increase of 6.1% in exports and 7.3% in imports during February.

The deficit of trade balance in goods reached €2,154 million in the period under review, which represents an increase of €1,412 million compared to the same month in 2021. Excluding fuels and lubricants, the trade deficit amounted to €1,276 million, increasing by €807 million compared to 2021.

The analysis of the major economic categories of goods shows that the main increase in exports was seen in industrial supplies (+30.8%; +38.8% compared to 2020), mostly processed products, and mostly for the Spanish market.