Exports of Portuguese goods fall 1.8% in November as Europe’s economy cools

Portuguese exports of goods fell in November, reversing the growth trend recorded since August last year.

According to data released this Thursday by the National Institute of Statistics (INE), the sale of goods abroad fell 1.8% year-on-year, while Portuguese imports rose 4.7%.

The trade deficit reached €2.502Bn, reflecting an increase of €545 million compared to the same period in 2023, although decreasing €27 million euros compared to October.

The main influence on the evolution of exports was the decrease in sales of transport equipment ( 10%) and machinery and other capital goods ( 7.7%). Discounting fuels and lubricants, the decrease in exports was 2.6%, while excluding transitions with a view to or following works to order was 1.7%.

Portuguese exports fell 1.2% to the Eurozone total and fell to the main partner countries in 2023, except for three: Germany, the United States and Poland.

This highlights the 10.7% drop in sales of goods to France, mainly transport equipment and industrial supplies and, on the contrary, the 19.7% increase in transactions of goods to Germany, mainly transport equipment and industrial supplies.

On the other hand, imports of goods rose by 4.7%, driven by the 23.6% increase in industrial supplies, mainly of chemicals originating from Ireland. Also noteworthy is the 56.3% increase in transactions with the United States and 165.7% with Brazil, mainly in Fuels and lubricants.

Excluding transactions with a view to or following works to order, the purchase of goods abroad fell by 2.1%.