Portugal Trade Deficit Narrows in March


In March 2013, exports decreased by 2.8 percent yoy and imports by 9.8 percent yoy (in February 2013 those figures were -2.6 percent and -6.1 percent, respectively). Exports of goods increased by 0.3 percent and imports decreased by 7.2 percent in the first quarter 2013, when compared with the first quarter 2012, which led to a € 1,074.8 million decrease in the deficit of the trade balance.

With regard to year-on-year growth rates, in March 2013, exports decreased by 2.8 percent when compared with March 2012, due to the evolution in Intra-EU trade (namely in vehicles and other transport equipment and machinery and mechanical appliances), since there was a growth in Extra-EU trade. Imports decreased by 9.8 percent vis-à-vis March 2012, mainly as a result of the decline in Intra-EU trade (namely in mineral fuels, vehicles and other transport equipment and machinery and mechanical appliances).

In terms of month-to-month growth rates, in March 2013, exports increased by 9.0 percent when compared with February 2013, due to both Intra-EU and Extra-EU trades, as a result of the increases registered in almost all groups of products, but especially in mineral fuels and machinery and mechanical appliances. Imports accounted for a 4.9 percent increase, mainly due to increase in Intra-EU trade (namely in chemical and agricultural products and in machinery and mechanical appliances).
 

INE | Nuno Fontes | nuno@tradingeconomics.com
5/10/2013 11:11:51 AM