Cooling of global economy “threatens 30 billion euros worth of Portuguese exports”

Exports, imports slumped in January

Portugal goods exports plunged by 9.8% at the start of the year, compared to January 2020, and imports fell by almost double (-17.2%) in nominal terms, the National Statistics Institute (INE) revealed on Friday.

According to the INE, there were sharp decreases in exports and imports of fuels and lubricants (-39.3% and -46.1%, respectively) and transport material (-10.9% and -26.4%).

But even excluding these products, “exports decreased by 7.3% and imports by 12.6% (-3.4% and -2.6%, respectively, in December 2020)”, the statistics institute said.

After plummeting at the beginning of the pandemic in April last year, there was some recovery in the summer months up until November. But the end of the year saw an inversion that continued in early 2021.

The trade deficit stood at 834 million euros in January, decreasing by 630 million euros compared to the same month of 2020.