Portugal Trade Deficit Widens in January on Rising Imports


Portuguese trade deficit widened to € 925 million in January of 2014, from a revised € 888 million deficit in December and a € 599 million gap a year earlier. Imports from countries outside the EU surged as bad weather conditions in December affected the normal working schedule of the port terminals.

Exports amounted to € 3.95 billion, rising 2.3 percent on the year and 11.9 percent over the previous month and boosted by sales to the EU countries, mainly minerals, fuels, clothing, machinery and vehicles. 

Shipments to countries outside the EU declined 2 percent yoy due to lower sales of base metals, beer, wine and mineral fuels.

Imports jumped 9.3 percent on the year to € 4.87 billion. On a monthly basis, purchases increased 10.3 percent, driven by higher purchases from countries outside the EU. 

Extra-EU imports increased by 55.0 percent mom, essentially due to mineral fuels (mainly petroleum oils and oils obtained from bituminous minerals, crude). Compared with January of 2013, imports increased by 9.1 percent essentially due to mineral fuels (mostly petroleum oils and oils obtained from bituminous minerals, crude) and vehicles and other transport equipment (namely aeroplanes and other powered aircraft).  

Portugal Trade Deficit Widens in January on Rising Imports


INE | Joana Taborda | joana.taborda@tradingeconomics.com
3/12/2014 11:49:03 AM