Portugal's trade deficit widened to EUR 1,996 million in January 2019 from EUR 1,202 in the corresponding month of the previous year. Imports increased 16.6 percent year-on-year to EUR 6,967 million, mainly driven by transport equipment, parts and accessories thereof (36.2 percent); industrial supplies (16.1 percent); consumer goods (16.4 percent); capital (15.8 percent) and fuels and lubricants (0.8 percent). Among major trading partners, imports advanced from France (69.7 percent), Spain (6.9 percent), Germany (12.4 percent), China (46.5 percent), Netherlands (22.6 percent), and Belgium (29.4 percent). Exports rose 4.1 percent to EUR 4,971 million, mostly boosted by higher sales of transport equipment, parts and accessories thereof (9.7 percent); industrial supplies (5.4 percent) and consumer goods (2.7 percent). Among major trading partners, exports went up to Germany (17.1 percent), Spain (7.4 percent), Netherlands (9.1 percent) and France (1.1 percent). Balance of Trade in Portugal averaged -535.54 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 -800.00 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 -1400.00 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.