Imports increase more than exports. Deficit surpasses one billion in June

Exports of goods increased 12.2% in the first semester of this year, a growth which stood far from the evolution of imports, which had a 14.5% increase in this period.

All in all, according to the data disclosed this Wednesday by Statistics Portugal (INE), Portugal sold a total of 27.8 billion euros in goods to other countries during the first six months of 2017. On the other hand, imports totaled 34.1 billion euros in the end of the first semester.

When only considering June, exports totaled 4.77 billion euros, a 6.8% homologous increase, while imports rose 7.1% to 5.77 billion.

Fuel and lubricants gave the largest contribution to this increase: exports increased 27% in the second quarter of 2017, while imports increased 36.8% in the same period. Therefore, excluding this category, exports totaled merely 25.8 billion euros in the first semester and imports decreased to a little over 30 billion.

All in all, INE states, the trade balance deficit of goods surpassed one billion euros in June 2017, which represents an 80 million euros’ increase in comparison to the same month of 2016. When considering the first semester of 2017, the trade deficit surpasses the 6.3 billion euros.

Portugal’s exports increased manly to Angola: in the second quarter of 2017, exports to the country rocketed 45.7%, totaling 427 million euros. The sales to the Netherlands and Morocco also had an expressive increase in this period, of 24.9% and 24.2%, respectively.

On the other hand, imports increased concerning purchases to China (more than 19.4%) and Italy (a 16.4% increase).