Portuguese Trade Deficit Narrows in May


In May, Portugal's trade deficit narrowed to € 600 million from a deficit of € 988 million in May of 2012. In year-on-year terms, exports increased by 5.6 percent and imports decreased by 3.2 percent (+16.8 percent and +9.3 percent respectively in April).

Exports increased by 5.6 percent due to the evolution in both Intra-EU and Extra-EU trade and as a result of the increases in shipments of almost all groups of products (especially in mineral fuels, machinery, mechanical appliances and plastics and rubber products). Imports decreased by 3.2 percent compared to May of 2012, mainly as a result of the evolution in Extra-EU trade, essentially due to the reduction in purchases of mineral fuels.

Intra-EU exports increased by 4.1 percent, mostly due to the evolution in petroleum oils and oils obtained from bituminous minerals (excl. crude) and machinery and mechanical appliances. Intra-EU imports declined by 1.2 percent as a result of decreases especially in chemical products (mainly medicaments) and mineral fuels (mostly natural gas). 

In May, exports to Third Countries (countries outside the EU) increased 9.1 percent as a result of the rise registered in almost all groups of products but mainly in vehicles, food products and furniture. Extra-EU imports decreased by 8.0 percent, due to the decline in mineral fuels (mainly petroleum oils and oils obtained from bituminous minerals), possibly caused by the previously scheduled stop of the Matosinhos refinery.

In the quarter ended in May 2013, when compared with the same period of 2012, the emphasis goes to the significant increase in exports of fuels and lubricants (+51.4 percent). Food products and beverages and consumer goods also registered increases (+7.4 percent and +7.2 percent respectively), while exports of transport equipment and parts decreased by 8.3 percent. In the same period, as far as imports are concerned, the most significant declines were recorded in fuels and lubricants (-5.8 percent) and in machinery and other capital goods (-3.4 percent).


Portuguese Trade Deficit Narrows in May


INE | Nuno Fontes | nuno@tradingeconomics.com
7/10/2013 11:34:47 AM