Portuguese Trade Deficit Slightly Widens in October

In October of 2013, Portugal’s trade deficit increased slightly to € 1.09 billion, from € 0.9 billion in September and € 1.07 billion a year earlier. Both exports and imports rose for the second straight month to € 4.2 billion and € 5.3 billion, respectively.

Year-on-year, exports increased by 4.2 percent in October, mostly due to Intra-EU trade (in particular Mineral fuels). Imports rose 3.7 percent, essentially due to the evolution in Extra-EU trade (in particular Mineral fuels).

From September to October, exports expanded 7.2 percent, due to the both Intra-EU and Extra-EU trades, mostly as a result of the increases in Machinery and mechanical appliances, Food products and Clothing. Imports increased by 9.9 percent, mainly due to Intra-EU trade (mainly Machinery and mechanical appliances, Agricultural products and Base metals). 

In the quarter ended in October 2013, exports increased by 4.6 percent and imports by 1.2 percent, vis-à-vis the period August to October 2012, which led to a EUR 331.8 million reduction in the deficit of the trade balance. The coverage rate stood at 79.7 percent, corresponding to a 2.6 p.p. increase when compared with the same period of 2012. The emphasis goes to the increases in exports of Fuels and lubricants (+33.1 percent), especially processed products.

Portuguese Trade Deficit Slightly Widens in October

INE | Joana Taborda | joana.taborda@tradingeconomics.com
12/10/2013 11:44:08 AM