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

Portugal’s exports/ imports record new dips

November records 1.5% YoY drop in exports; imports down 7.6% 

Portugal’s exports and imports were down in November compared to results for the same period in 2022, by 1.5% and 7.6% respectively – with sharp declines in sales of fuels and lubricants weighing on the overall figures, National Statistics Institute INE has announced today.

The results stand as -3.3% and -1.8% on figures for October, with industrial supplies and fuels and lubricants standing out in both flows (-5.4% and -13.3% in exports and -12.2% and -36.8% in imports, respectively),” INE states in a summary of the latest trade report on its website.

“Excluding fuels and lubricants, decreases of 0.6% in exports and 2.9% in imports were recorded (-2.0% and +1.4% respectively, in October 2023),” it notes.

On the trade balance, INE said the deficit in November narrowed by €633 million compared with the same month of the previous year, to €1.928 billion, and that excluding fuels and lubricants, it narrowed by €202 million to €1.490 billion.

This is the eighth consecutive month in which Portugal’s foreign trade in goods has been down from a year earlier. Previously the figures had not fallen since the first months of 2021.

Source: LUSA