Portugal's trade deficit widened to EUR 1.75 billion in July 2019 from EUR 1.30 billion in the same month last year, as imports jumped 7.9 percent to a near record high, mainly boosted by purchases of transport equipment (27.9 percent) in particular aircraft. Among key trading partners, imports rose mainly from France (67 percent), Spain (4.2 percent), China (35.1 percent) and Belgium (20.3 percent), but declined from Germany (-5.9 percent). Meanwhile, exports increased at a softer 1.3 percent on the back of a 3.9 percent rise in industrial supplies sales, while exports of fuels and lubricants tumbled 20.8 percent. Exports were up to France (10.8 percent) and the US (7.4 percent), but were down to Spain (-1.5 percent), Germany (-2.8 percent), and the UK (-6.7 percent). Balance of Trade in Portugal averaged -543.76 EUR Million from 1950 until 2019, 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.
Balance of Trade in Portugal is expected to be -1180.00 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 -920.00 in 12 months time. In the long-term, the Portugal Balance of Trade is projected to trend around -1440.00 EUR Million in 2020, according to our econometric models.