Exports of goods increase 0.4% in January

Portuguese exports overseas increased by a modest 0.4% in January while imports fell 4.5% like-for-like on 2023.

This is according to data released on Monday by the National Statistics Institute (INE) that said that Portugal improved its overseas trade balance by €399 million like-for-like.
In nominal terms (which does not exclude the effects of inflation), goods worth €6.381Bn were exported in January. The total value of goods imported fell 4.5% in January (€8.043Bn) which allowed an improvement in Portugal’s balance of payments situation in terms of what Portugal buys and sells overseas.
The trade balance deficit for goods fell by €399 million in January like-for-like to €1.662Bn. without including fuels and lubricants, the deficit totalled €1.328Bn, which reflects a reduction of €100 million.
This reduction in the trade deficit is partly explained by inflation, which continues to pressure imported goods more. In January, the unit value indices (prices) continued to show negative variations:-3.5% in exports and -6.5% in imports. The values compare to a positive variation of 7.8% and 6.9% in imports registered a year ago.