Exports in April rose 17.3%, imports rose 29.2% YoY

Portuguese exports of goods increased by 17.3% and imports rose by 29.2% in April compared to the same month in 2021, the national statistics institute, INE, said on Thursday.

“In April 2022, exports and imports of goods recorded nominal year-on-year changes of +17.3% and +29.2%, respectively (+13.7% and +30.8%, in the same order, in March 2022),” INE’s international trade statistics point out.

According to INE, “the increases in exports and imports of ‘industrial supplies’ (+26.7% and +29.7%, respectively) and ‘fuels and lubricants’ (+95.5% and +128.4%, in the same order) should be noted.

“In exports in April 2022, compared to the same month in 2021, the increases in ‘industrial supplies’ (+26.7%) and ‘fuels and lubricants’ (+95.5%), both mainly to Spain, stand out. On the other hand, the decrease in exports of ‘transport equipment’ (-8.2%), mainly to Spain and the United Kingdom, stands out.

As for imports, “the increase in ‘fuels and lubricants’ (+128.4%), partly reflecting the rise in prices, and the increase in ‘industrial supplies’ (+29.7%), both mainly from Spain, should be noted”.

Excluding ‘fuels and lubricants’, exports and imports increased by 13.1% and 18.5%, respectively (+12.3% and +21.0%, in the same order, in March 2022).

Compared with the previous month, in April 2022 exports and imports decreased by 5.5% and 4.2%, respectively (+10.7% in both flows in March 2022), “which may be related to calendar effects, given that April had three working days less than the previous month”.

In the month under review, the deficit in the trade balance of goods worsened by €1.039 billion compared to the same month in 2021, reaching €2.445 billion.

Excluding ‘fuels and lubricants’, the deficit was 1.493 billion euros, increasing by 465 million euros compared to April 2021, INE pointed out.

In April 2022, taking into account the main partner countries in 2021, the increases in exports and imports with Spain (+17.2% and +33.3%, respectively) stand out, especially ‘industrial supplies’ and ‘fuels and lubricants’.

INE also points out the decrease in exports to the United Kingdom (-13.1%), mainly due to ‘transport material’ and ‘fuels and lubricants’, as well as the decrease in imports from France (-12.8%), essentially ‘transport material (Other transport material – Aircraft)’.

For the quarter ending in April 2022, exports and imports grew by 16.9% and 33.9% respectively over the same period in 2021 (+18.2% and +37.0%, in the same order, in the first quarter of 2022).

Compared with the quarter ended April 2020, exports and imports increased by 53.4% and 56.1%, respectively (+25.4% and +31.4%, in the same order, compared with the quarter ended April 2019).

According to INE, in the first quarter of 2022, the unit value indices of exports and imports “continued to register strong positive changes, of 16.0% and 20.3%, respectively, maintaining the loss in terms of trade (in the fourth quarter of 2021, the increases in these indices had reached 12.5% and 16.8%, respectively)”.

Excluding oil products, the unit value indices registered year-on-year changes of +13.0% and +14.4%, in the same order (+10.9% and +11.2%, in Q4 2021).

“For the fourth consecutive quarter, there is a loss in terms of trade (relative price of exports in terms of imports),” INE notes.

Imports recorded positive year-on-year changes in value for the fourth consecutive quarter, “mostly as a result of price changes, with a special impact in the first quarter of 2022”.

According to the statistical institute, in the first quarter of 2022, in imports, the year-on-year change in prices was higher than the year-on-year change in volume in several products, “especially those from some energy-intensive industries, such as the chemical industry, which uses natural gas as raw material in the production of fertilisers, or steel”.

Looking at total imports excluding oil products, the variations in price (14.4%) and volume (14.7%) are similar.

In exports, as in imports, “the variation in value results, for the most part, from price variations.

In the first quarter of 2022, and as in imports, the year-on-year change in prices exceeded the year-on-year change in volume in several products, except in ‘products of agriculture, hunting and related services’, where the change in volume was predominant.

Excluding petroleum products, the year-on-year change in price was +13.0% and the year-on-year change in volume was +3.1%.