Portugal Posts the Lowest Trade Deficit in 17 Years


In 2013, Portugal’s trade deficit shrank 15 percent over the previous year to € 9.28 billion, the lowest deficit since 1996. The coverage rate reached 83.6 percent, corresponding to a 3.0 p.p. increase over a year earlier.

Considering full 2013, exports increased 4.6 percent year-on-year, which represents a slowdown compared to a 5.7 percent growth rate in 2012. Sales to the EU countries rose 3.4 (+0.9 percent in 2012) and those to countries outside the EU surged 7.7 percent (+19.6 percent in 2012).

Imports, which decreased by 5.2 percent in 2012, registered a slight 0.8 percent growth in 2013, mainly due to higher purchases from the EU countries (1.5 percent yoy). Those from non-EU countries fell 0.9 percent. 

Considering the last month of 2013, exports of goods increased by an annual 8.0 percent, up from 6.9 percent in November, reflecting the rise in both Intra-EU and Extra-EU trade. Mineral fuels, vehicles and other transport equipment and chemical products increased the most on the year. 

Imports surged 3.5 percent yoy, as a result of growth in Intra-EU trade (in almost all groups of products, but especially in machinery and mechanical appliances, vehicles and other transport equipment and chemical products).

Portugal Posts the Lowest Trade Deficit in 17 Years


INE | Joana Taborda | joana.taborda@tradingeconomics.com
2/10/2014 11:47:15 AM