Portuguese exports up 2.5%, imports 1.9% in 2024
The first annual results for 2024 point to increases in exports and imports, with the trade balance deficit increasing by 78 million euros to 27.89 billion.
Portugal’s exports increased by 2.5% and imports by 1.9% in 2024, year over year, according to the National Statistics Institute (INE), which noted on Monday that in December, exports of goods fell by 2.5%, and imports rose by 4%.
In a press release on international trade statistics, INE said that “the first annual results for 2024 point to increases in exports and imports, 2.5% and 1.9% respectively (-1.4% and -4.0% in 2023, in the same order), with the trade balance deficit increasing by 78 million euros to 27.89 billion”.
In December 2024, “exports of goods fell by 2.5%, and imports rose by 4.0% in nominal terms compared to the same period in the previous year (-2.0% and +4.6%, in the same order, in November 2024),” said INE.
As for the fourth quarter of 2024, “exports and imports increased by 4.0% and 5.4% respectively, year-on-year (+6.2% and +5.4%, in the same order, in the quarter ending in November 2024)”, giving rise to “an increase in the deficit of €659 million”, it pointed out.
According to INE, “in December 2024, the unit value indices (prices) continued to register negative variations, -0.6% in exports and -0.1% in imports (-1.4% and -1.3%, respectively, in November 2024; -3.0% and -7.4% in December 2023)”.
According to the same statement, the “trade balance deficit totalled 2.9 billion euros in December 2024, reflecting an increase of 474 million year-on-year”.
INE also revealed that “based on the first data from the international trade in goods statistics for 2024, exports totalled 79.285 billion euros (+2.5%) and imports reached 107.171 billion (+1.9%)”.
According to the organisation, “the market that contributed most to the overall increase in Portuguese exports in 2024 was Germany, which became the second main destination for national goods, with a weight of 12.3%”, 1.6 percentage points (p.p.) more than in 2023, with “exports to this country increasing by 17.% (+1,478 million euros), essentially industrial supplies, transport equipment and machinery and equipment”.
Spain, meanwhile, “was the second largest contribution to the increase in national exports in 2024, remaining the main destination with a weight of 26.0% (+0.3 p.p. compared to 2023)”.
“Exports to the neighbouring country increased by 3.5% (+€699 million), mainly food and beverages and industrial supplies,” said INE.
It also noted that “exports to the United States rose by 80 million euros. (+1.5%)”. On the other hand, “the first data for 2024 point to a 1.9% increase in imports of goods, which totalled 107,17 billion”.