Exports up 15.5% and imports up 13.5% in April

Portugal’s exports increased 15.5% and imports were up 13.5% according to the latest statistics published on Friday by the National Statistics Institute (INE).

In March, this variation had been -13.6% and -15.3%, respectively. Both in exports as imports, the INE highlights the increase in fuel and lubricants: +56% and +22.1% respectively.

In the case of imports, the figures show this variation is essentially down to increases in volume (+58.9%) and prices (+8.1%) of crude oils.

The INE also highlights increases in exports of transport materials (+23.2%) and foodstuffs (+31.9%), as well as imports of industrial supplies (+9.0%) and machinery and other capital goods (+14.0%).

Excluding fuels and lubricants, in April 2024 the increase in exports and imports was 12.5% (after having registered, respectively -13.6% and -12.8% in March).

Regarding prices, in April they continued to register negative variations: -1.8% in exports and -3.8% in imports) (-2.9% and -3.2%, respectively, in March 2024; and +3,1% and -2.0% in April 2023).

Once again, excluding petroleum products), there was a fall in prices of 2.4% in exports and 4.5% in imports (-2.8% and -3.9%, respectively in March 2024; +3.1% and -2.0% in April 2023).

The balance of the trade payments deficit stood at €2.3Bn in April 2024, reflecting an increase of €180 million, in like-for-like terms, the first increase since August 2023. Without fuels and lubricants, this deficit totalled €1.9 million, reflecting an increase of €126 million.

Considering the main economic trading partners in 2023, the INE highlights increases in transactions of goods with Spain (+15.6% in exports and +6.1% in imports), mainly in food and drink products, and imports from Brazil (+45.3%) particularly crude oil and petroleum products.