High technology exports hit record
Exports of Portuguese high technology products have attained a new record in 2022 for the past 10 years.
Nevertheless, the trade balance for this type of goods has fallen to its lowest level ever. The deterioration in the balance of trade is down to high imports of high tech into Portugal that have also hit new highs, particularly electronic goods and pharmaceuticals.
This is according to data from the national statistics institute INE that shows the trade deficit stood at €7,352 million in nominal terms (not including inflation) in 2022. In comparison with the previous year, the trade deficit deteriorated by €1,559 million, reaching the highest value since 2013.
This deterioration followed a like-for-like increase of 36.1% in exports to €4,065 million, and a growth of 30% in imports to €11,417 million.
The lowest deficit in high technology was in 2013 at €2,653 million, almost three times less than the current figure.
Since then the deficit has increased year-on-year, having slightly improved during the pandemic to bounce back to a maximum trade deficit for the past 10 years.