Imports up 34% in Q1 2022

Portugal’s trade deficit widened by €1.039Bn in April like-for-like on the same month in 2021, to €2.445Bn.

Both exports and imports grew 16.9% and 33.9% respectively in the first quarter of the year on 2021.
Compared to the quarter ended in April 2020 at the start of the Covid-19 pandemic, exports and imports increased 53.4% and 56.1% in that order, according to data released by Portugal’s national statistics institute (INE) on Thursday.
In Q1 2022 the unitary value indices for exports and imports continued to register strong positive variations of 16% and 30.3% respectively, with a loss imbalance in terms of trade exchange posted in Q4 of 2021 (+2.5%) and (+16.4%) in the same order (+10.9%) and (+11.2%) and (+11.2%), in Q4 of 2021.
In April 2022, exports and imports of goods saw like-for-like variations of +17.3% and +29.2%, respectively (in relation to March, the increase being 13.7% and 30.8%, in the same order), thanks to Industrial Supply (+26.7%) and (+29.7%), respectively and Fuels and Lubricants (+95.5%) and (128.4%), in the same order. Excluding the last category, exports and imports increased 13.1% and 18.5%, respectively (+12.3%) and (+21.0%), in the same order in March 2022.
“The trade balance of payments deficit for goods worsened by €1.039Bn on the same month in 2021, reaching €2.455Bn. Excluding Fuels and Lubricants, the deficit was €1.493Bn, up €465 million on April 2021”, states the INE.