"In July 2022, exports and imports of goods recorded nominal year-on-year growth rates of +28.3% and +29.2%, respectively (+37.4% and +41.8%, in the same order, in June 2022)," explains INE.
Exports and imports increased by 28.3% and 29.% in July, compared to the same period in 2021, Statistics Portugal (INE) announced this Friday.
“In July 2022, exports and imports of goods recorded nominal year-on-year growth rates of +28.3% and +29.2%, respectively (+37.4% and +41.8%, in the same order, in June 2022),” explains INE.
“In nominal terms, the increases of Industrial supplies (+27.8% in exports and +21.1% in imports), and Fuels and lubricants (+124.0% and +93.3%, respectively) should be noted,” the statistics office added.
Regarding exports, “the emphasis was on the increase in Industrial supplies (+27.8%), in particular Processed goods”, especially to Spain. Portugal also increased the “exports of Fuels and lubricants (+124.0%) and Transport equipment (+31.8%, mainly to Germany), mostly Passenger motor cars.”
There was also an increase in fuel and lubricant imports (+93.3%), “largely reflecting the increase in the price of these products on the international market. Industrial supplies also recorded a significant growth (+21.1%), particularly Base metals, mainly from Spain.”
With the imports growing more than exports, the trade deficit continued to worsen but less expressive than in the previous month: “The deficit of trade balance in goods increased by €504 million compared to July 2021, amounting to €2,058 million,” says the statistics office.
Excluding Fuels and lubricants, the total deficit increased to €1,099 million, rising by €87 million compared to July 2021.
Although prices are increasing in both exports and imports, INE reveals the balance weighs more heavily on the side of payments that the country makes: “The unit value indices of exports and imports continued to record sharp positive year-on-year rates of change, 18.9% and 25.0%, respectively, maintaining a loss in terms of trade (in the 1st quarter of 2022, the increases in these indices reached 16.0% and 20.3%, respectively).”