Portugal Trade Deficit Narrows in January

In January of 2013, Portugal posted a trade deficit of € 572 million. Year-on-year, exports increased by 5.6 percent, due to the rise in both Intra-EU trade and Extra-EU trade, namely in mineral fuels and chemical products. Imports decreased by 6.9 percent as a result of the decline in both markets, mostly due to mineral fuels.

In terms of month-to-month growth rates, in January 2013 exports increased by 19.6 percent when compared with December 2012, due to the positive evolution of almost all groups of products, more so in vehicles and other transport equipment with a greater extent in Intra-EU trade. Imports accounted for a 5.3 percent increase, which mirrored the growth in both markets.

Exports of goods increased by 1 percent and imports decreased by 6.4 percent in the quarter ended in January 2013, when compared with the period November 2011 to January 2012, which led to a EUR 1 006.5 million decrease in the deficit of the trade balance.
The coverage rate stood at 83.1 percent, corresponding to an increase of 6.1 percentage points when compared with the coverage rate of the period November 2011 to January 2012.

INE | Nuno Fontes | nuno@tradingeconomics.com
3/12/2013 11:23:14 AM