Imports up 29.6%, exports 24.7% in September

  • Lusa
  • 9 November 2022

"In September 2022, exports and imports of goods recorded nominal year-on-year changes of +24.7% and +29.6%, respectively," INE revealed.

Portugal’s imports increased 29.6%, and exports grew 24.7% in September, compared to the same month in 2021, highlighting the 51.0% rise in imports of fuels and lubricants, Statistics Portugal (INE) said on Wednesday.

According to international trade data from INE, “in September 2022, exports and imports of goods recorded nominal year-on-year changes of +24.7% and +29.6%, respectively (+32.3% and +49.6%, in the same order, in August 2022), highlighting the increase in imports of Fuels and lubricants (+51.0%).

This increase was due to the “increase in value (+39.1%) of crude oil imports, reflecting the rise in the price of this product in the international market (+62.5%), given that in volume there was a decrease (-14.4%)”.

Excluding fuels and lubricants, in September this year, imports rose by 26.2% and exports by 23.8%, in homologous terms (+33.1% and 26.9%, in the same order, in the previous month).

The unit value indices (prices) registered year-on-year rises of 18.5% in imports and 16.2% in exports in September. Excluding oil products, the changes were +12.2% and +13.7%, respectively.

The trade deficit of the balance of goods worsened by 820 million euros compared to September 2021 and retreated by 677 million euros compared to the previous month, reaching 2,699 million euros.

Without fuels and lubricants, the trade balance deficit was €1,643 million, increasing by €439 million against September 2021.

Compared to the previous month, in September 2022, exports and imports increased by 18.8% and 4.5%, respectively (-19.2% and -2.4% in August 2022, in the same order.

Considering the quarter ended September 2022, imports and exports grew by 36.1% and 28.0%, respectively, over the same period in 2021 (+40.8% and 32.3%, in the same order, in the quarter ended August 2022).

In September this year, exports increased in all major economic categories compared to the same month last year, especially ‘industrial supplies’ (24.3%) – especially ‘manufactured products’ – to Spain.

In terms of imports, the increases in ‘fuels and lubricants’ (51.0%) from Brazil and ‘industrial supplies’ (18.6%) from Spain are noteworthy.

In September 2022, considering the main partner countries in 2021, INE highlights the increase in transactions with Spain (28.8% in imports and 20.8% in exports).