Exports overtake imports in October

Exports of goods picked up in October this year by 8.4% like-for-like on 2018 with overseas sales growing more than imports.

It bucked a reverse trend which had so far characterised the year, but even so 2019 shows an overall imbalance in import/export payments in favour of imports.
The figures were revealed on Tuesday by the National Institute of Statistics (INE) and only included information about the trade of goods and did not include the balance of services which would naturally include tourism.
October was the first month of 2019 in which exports of goods grew more than imports, a trade imbalance being the dominant factor this year overall and spurred by investment in the Portuguese market which increased the need for purchases in international markets as has been highlighted by the European Commission.
For the year as a whole, the Government expects total exports (including services) to grow 2.9% while total imports should increase 5.4%. Between January and October the purchase of goods from overseas rose 7.8% while sales of goods rose 3%.
In relation to October, INE says that the variation of exports and imports was mainly down to the development seen in trade with European Union countries (+7.0% in exports and 6.6% in imports), highlighting increases in imports and exports of transport materials (+12.9% and +19.3% respectively.
For the year os far, Portugal has recorded imbalance of payments for goods of €17Bn, the same amount seen in 2018.