Portugal's trade deficit shrank to EUR 827.8 million in June of 2020 from EUR 1876.9 million in the same month of the previous year. It was the smallest monthly trade shortfall since July of 2016, as imports slipped 23.1% from a year earlier to EUR 5095 million, amid reduced purchases of transport equipment (-49.4%), of which passenger vehicles (-53.7%) and auto parts (-27.4%); and fuels & lubricants (-65.5%), owing to the closure of the national refineries in the most critical months of the pandemic. Among key trading partners, imports fell from Spain (-10.3%), Germany (-16.9%), France (-55%), Italy (-20%), but rose from the Netherlands (4.7%) and China (20.5%), on the back of personal protective equipment such as masks. Exports fell at a slower 10.1% to EUR 4267 million, on lower shipments of industrial supplies (-13%) and passenger vehicles (-21.5%). Sales were down mostly to Spain (-7.3%), France (-5.9%), Germany (-10.2%), the UK (-13.4%), the US (-16%) and Italy (-18.4%).
Balance of Trade in Portugal averaged -556.16 EUR Million from 1950 until 2020, reaching an all time high of 3.55 EUR Million in May of 1955 and a record low of -2524.87 EUR Million in June of 2010. This page provides - Portugal Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020.
Balance of Trade in Portugal is expected to be -1700.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Portugal to stand at -1500.00 in 12 months time. In the long-term, the Portugal Balance of Trade is projected to trend around -1440.00 EUR Million in 2021 and -1690.00 EUR Million in 2022, according to our econometric models.