The month of October was the best ever for Portuguese exports, with sales abroad to increase 9.4% to more than EUR 4.6 billion, representing a record. As for the imports slowed, although reaching the highest amount since May 2011.
October was a positive month in international trade, with exports of goods surging 9 4% year on year to 4,638 million euros. This is the highest monthly annual growth since December 2013 (9.6%) and the highest absolute value ever.
In front of imports, growth was 1.2% compared to October last year, to 5,463 million euros. Growth reflecting a slowdown compared to the annual growth of 6.3% recorded in September. Still, in absolute terms, the volume of imports in October was the highest since May 2011, ie, since the troika came into Portugal.
The annual growth of 9.4% in exports is the strongest of the year, exceeding the 6.8% increase recorded in June. In absolute terms the monthly sales of goods abroad is the highest ever. The previous maximum had been reached in July this year (4,476 million euros).
The export growth was found in sales to European Union countries (+ 5.5% to 3,123 million euros) , and exports to countries outside the European Union the annual increase was 18.3%. In absolute terms, the extra-EU exports exceeded for the first time the 1.5 billion euros.
The data revealed today by the INE show so October was accentuated the trend of recovery of Portuguese exports, after less positive year starter. Excluding the month of August, the rates of annual change in exports have always been positive since June.
The data of international trade (not including service exports) show how the external demand can give new impetus to the Portuguese economy in the latter part of the year. Also because if exports are accelerating, imports dampened growth. Purchases from countries outside the European Union fell 13.4%, which should already reflect the decline in oil prices.
Given a longer timeline, it is confirmed the return of rates growth in higher exports than in imports. Exports of goods increased by 4.1% and imports of goods increased by 2.0% in the quarter ended in October, which resulted in a decrease in the trade deficit in 190.6 million euros.
Cars drive exports and imports
The INE realize that boost exports of Portuguese companies were the majority of products, but especially “vehicles and other transport equipment, mineral fuels and agricultural products “.
On the import side, the INE also highlights the growth of purchases from EU countries” vehicles and other transport equipment “.
Excluding fuels and lubricants , exports increased 9.8% in October and imports increased 6.9%.
(for the second time updated news at 12.20 to account that exports reached record high in absolute value. Title changed.)
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