Imports up 26.2%, exports 21.1% in October

Portugal’s imports increased 26.2%, and exports grew 21.1% in October, compared to the same month in 2021, Statistics Portugal (INE) announced on Friday.

According to international trade data from INE, “In October 2022, exports and imports of goods recorded nominal year-on-year growth rates of +21.1% and +26.2%, respectively (+25.0% and +30.4%, in the same order, in September 2022).”

The reported rises was due to “the increases in exports and imports of Capital goods and parts thereof (+43.6% and +34.0%, respectively) and Industrial supplies (+14.0% and +19.1%, in the same order).”

Excluding fuels and lubricants, in October this year, exports and imports increased by 19.4% and 25.2%, respectively (+24.1% and +27.1%, in the same order, in September 2022).

The unit value indices (prices) registered year-on-year rises of 14.5% in exports and 14.2% in imports in October. Excluding oil products, the changes were +12.6% and +10.5%, respectively.

The deficit of trade balance worsened by EUR 814 million compared to October 2021, reaching €2,833 million. Excluding Fuels and lubricants, the total deficit amounted to €1,983 million, increasing by €644 million compared to the same month last year.

Considering the quarter ended October 2022, imports and exports grew by 34.7% and 25.5%, respectively, over the same period in 2021.

From January to October of this year, INE reveals Brazil was the biggest exporter to Portugal: “imports from Brazil practically doubled compared to the same period of 2021, with this country becoming the 7th main supplier of goods to Portugal, and the 2nd largest Extra-EU supplier, only surpassed by China”. The statistics office also adds that “the large part of this increase resulted from the import of Mineral fuels, which grew by 84.5%, essentially due to Petroleum oils and oils obtained from bituminous minerals, crude.”