Exports of goods fell 2% June over the same period last year, as imports decreased 0.4%, according to data released Tuesday by the National Statistics Institute ( INE).
The price of fuel eventually dictate this course. Is that excluding fuels and lubricants, exports increased 0.5% and imports grew by 3.6% (respectively + 1.8% and + 6.6% in May 2016).
INE notes that the monthly break (compared to June 2015) in exports is mainly related as a result of reduction of 14.3% recorded in trade European extra-Union (-10.2% in May 2016), as intra-EU exports increased by 2.8% (+ 2.2% in May 2016).
imports decreased 0.4% (-3.8% in May 2016), translating also the impact of lower extra-EU imports by 2.4% (-20.0% in May 2016). With intra-EU imports grew 0.2% (+ 2.3% in May 2016).
Among the main destination countries in 2015, stand out in June 2016 verified annual reductions exports to Angola (-42%), China (-39.5%) and the Netherlands (-22.1%).
the trade deficit in goods increased from EUR 68 million in the month under review compared to the same month of 2015 and the trade deficit excluding fuels and lubricants increased by 151 million euros.
in the second quarter, exports decreased goods 1.9% and imports of goods decreased by 3.7%, also in the annual comparison.
exports and imports are a key component of the Gross Domestic Product. A deterioration in the trade deficit does not contribute to economic recovery.
The INE figures come on the same day that the European Council reaffirmed the Commission’s decision not to penalize Portugal and Spain. A praised position since the Commission, in a statement, back to stress that the two countries have to reveal “effective action” in order to walk to reach a deficit below 3%.
Also today, Mario Centeno’s office stressed that will not need additional measures and that everything is going according to the goals stipulated in the state budget for 2016.
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