Portugal’s economy slows with 11.3% fall in exports in July

Exports of goods from Portugal slumped by 11.3% while imports edged up to 2.8% in July in like-for-like terms, accumulating an 0.7% increase and 6.3% since the start of the year, according to data released by the country’s statistics office INE.

As a result, the trade balance deficit in goods worsened by €1.173Bn in July compared to the same month of the previous year, reaching €3.293Bn, according to the National Institute of Statistics (INE).

When excluding transactions without transfer of ownership (TTE, i.e. with a view to or following work to order), imports fell by 0.5% in the first seven months of the year (-0.3% in the same period of 2024) and imports rose by 3.6% (-0.5% from January to July 2024).

Considering just the month of July and excluding TTE transactions, there were slight increases in both flows: +0.3% in exports and +0.2% in imports (+2.3% and +0.5%), respectively in June.