Portuguese exports of goods increased by 40.6% and imports by 46.4%, in May compared to the same month of 2021, these variations being driven by the increase in prices, the National Statistics Institute (INE) reported on Monday. ).
“In May 2022, exports and imports of goods registered Nominal year-on-year variations of +40.6% and +46.4%respectively (+16.8% and +29.1%, in the same order, in April 2022)”, according to international trade statistics from the INE.
According to the INE, “around half of these variations reflect the growth in prices: the unit value indices (prices) registered interannual variations of +17.2% in exports and +24.3% in imports“.
Still in nominal terms, the increases in exports and imports of ‘industrial supplies’ (+60.3% and +38.6%, respectively), “generalized to several groups of products, but with a special focus on exports of pharmaceutical products”.
Imports of fuels and lubricants also registered “a very significant increase (+147.8%), reflecting the increase in the price of these products on the international market, but also as a consequence of the introduction of natural gas previously subject to the customs warehouse regime, with a view to closing the Sines warehouse”.
Excluding fuels and lubricants, in May 2022 there were increases of 35.3% in exports and 34.4% in importsin year-on-year terms (+12.6% and +18.5% in April 2022, respectively).
The unit value indices (prices) without petroleum products registered interannual variations of +12.9% in exports and +15.2% in imports.
Compared to the previous month, in May 2022, exports and imports increased by 19.9% and 13.7%, respectively (-5.6% and -4.1% in April 2022, in the same order).
In the month under review, the trade balance deficit reached 2,421 million euros, which represents an increase of 976 million euros compared to the same month in 2021 and a decrease of 47 million euros compared to the previous month.
Excluding fuels and lubricants, as of May 2022 the trade balance deficit amounts to 1,300 million euroscorresponding to an increase of 296 million euros compared to May 2021, points out the INE.
In May 2022, taking into account the main partner countries in 2021, the increase in transactions with Spain (+32.3% in exports and +39.0% in imports), mainly in ‘industrial supplies’ in both flows, and also in imports of ‘fuels and lubricants’.
The INE also highlights the increase in exports to the United States (+180.0%), mainly industrial supplies, with special emphasis on impact on pharmaceuticals.
In an analysis of the quarter ended in May 2022, it can be seen that exports and imports grew by 23.3% and 35.3%, respectively, compared to the same period in 2021 (+16.5% and + 33.8% respectively).%, in the same order, in the quarter ending in April 2022).
Source: Observadora
