Russian imports cost 45% more

 In News, Oil and Gas, Original

Portugal paid 45% more for Russian imports in March 2022 – mostly fuels — compared to the same period in 2019.

The main reason was an increase in prices, but the figures from Portugal’s National Statistics Institute also reveal that Portugal also bought a greater quantity of Russian goods in the first month of the war, despite sanctions.
The analysis made by the INE shows that the 67.4% increase in the volume of imports from Russia in March is explained by an increase in prices. In March energy prices, especially petroleum and gas skyrocketed because of the impact of the war in Ukraine, reinforcing the growing trend that had already been seen since the economy began to reopen after the Covid-19 pandemic.
Moreover, 17.9% of the increase is explained by the variation in volume, meaning the greater quantity of Russian goods bought that month.
European energy dependance on Russia has made it difficult to completely cut fuel imports from Russia, although Portuguese imports of US gas increased by around 1,000% in March 2022.
Portugal paid €152.9 million for Russian imports in March. The trading relationship with Russia was affected by the Russian invasion of Ukraine on 24 February. From that date and in March, Portuguese companies slashed sales to the Russian market to €3.3 million compared to €15 million in March 2019.
Inversely, Portugal imported €152.9 million of Russian products in March 2022 (mostly already contacted before the war), above the €105.9 million imported in March 2019 before the pandemic — an increase of 45%.