Metallurgy exports up 13.7% in January
Portugal’s metallurgy and metalworking sector got off to a good start this year with exports in January up 13.7% to €1.8Bn.
According to AIMMAP (Metal Portugal) which represents the sector, the “very positive” result “confirms and consolidates” the increasing growth of the metallurgy and metalworks sector despite the particularly challenging context in 2022”, with high production costs, inflation, and the increase in interest rates.
The association says that the markets that most grew in absolute terms include Germany, Spain, France, UK, (excluding Northern Ireland), the US, Angola, Italy and Japan.
“These countries are well known for their sophistication, accuracy and rigour, which demonstrates the quality and competitiveness of products exported by the metallurgy and metalworks sector in Portugal”, it states.
In terms of sub-sectors, metal products, machinery and equipment were the main categories responsible for the sector’s good performance in January, as well as the transport materials sector which also showed a good performance.
Portugal’s metal manufacturing industry closed 2022 with a new annual record of €23Bn in overseas sales.
As to the prospects for 2023, AIMMAP is more cautious. “The demands are many, and if no urgent action is taken to mitigate the effects of the current challenges, then certainly Portugal’s national economy will suffer.
These challenges include rising interest rates, increased inflation, difficulty in finding employees, and price instability on energy and raw material which would “surely affect industrial activity,” according to CIP (The Portuguese Industrial Confederation) executive board member Rafael Campos Pereira.