Portuguese exports grow 28.3% in July

Portuguese exports overseas grew 28.3% in July and imports were up 29.2%. However, prices soared by 20% because of the energy crisis.

According to Portugal’s statistics institute INE “exports and imports of goods registered nominal like-for-like variations of +28.3% and +29.2% respectively (+37.4%) and +41.8%, in the same order, in June, 2022)”.
“It should be noted that the unitary price indices saw like-for-like variations of +18.3% in terms of exports and +22.8% in imports”.
In comparison with the previous month, exports in nominal terms (which do not discount the inflation rate), increased 1.3% in July, while imports fell 3.9%.
The INE also states that there was an increase in transactions with Spain (Portugal’s most important trading partner) by 20.4% in exports and 22.5% in imports, particularly in industrial supplies, and fuels and lubricants whose exports grew 124% and imports 93.3%.
The trade balance of payments deteriorated by €504 million on July 2021, reaching €2.0Bn. Excluding fuel and lubricants, the debit totalled €1.0Bn, corresponding to an increase of 387 million on July, 2021.