Exports decreased by 3.5% and imports fell 1.7% in October – the Daily News – Lisbon

Only exports to the USA, Italy and Belgium have increased compared to the same month of 2015

exports and imports decreased by 3.5% and 1.7%, respectively, in October compared with the same period, taking the trade deficit increased by € 70 million to 870 million euros, today released the National Institute of Statistics (INE).

Considering the cumulative quarter ended in October last year, exports of goods grew by 2.4% and imports of goods increased by 3.1% compared to the same period of 2015 (respectively +1.8% and +1.1% in the quarter ended September 2016).

In what refers to the variation compared to the previous month, in October, exports decreased by 1.2% due to the evolution of intra-EU trade, since the extra-EU exports increased. Imports also recorded a decrease (-2,0%), mainly as a result of the evolution of extra-EU trade.

The fall in exports and imports in October following increases in the previous year by 6.7% and 2.2% in September, in the same order, and is assigned by the INE, “mainly to a reduction of 4.0% registered in the intra-EU trade (+8.1% in September)”, in the case of exports, and the “result of imports extra-EU decreased by 6.4% (down by 3.6% in September)”, in the case of imports.

Excluding fuels and lubricants, in October the exports decreased by 4.1% and imports decreased by 0.8% (respectively +7.9% and +3.8% in September).

In the wake of this evolution, the trade deficit of goods amounted to 870 million euros in October, more than 70 million euros compared to the same month of 2015, being that, excluding fuels and lubricants, the deficit was 607 million euros, 134 million euros in the same month last year.

In an analysis by major economic categories, it turns out that in October only exports of fuels and lubricants and machinery and other capital goods rose in relation to the same month in 2015 (+5.0% and +2,1%, respectively), highlighting the decrease in the exports of supplies and industrial (-8,1%).

as for imports, in October the largest reductions year-on-year occurred in the supply of industrial (-5,9%), fuels and lubricants (accounts -7,9%) and in food products and beverages (down 5.3%).

Taking into account the main countries of destination in 2015, in the month under analysis only exports to the USA, Italy and Belgium have increased compared to the same month of 2015 (+22,0%, +10.6% and +13,0%, respectively), “with exports to France and Germany been the ones that have contributed the most to the overall reduction”.

In terms of imports, among the largest supplying countries in 2015, Germany was the largest contributor to the overall decline in year-on-year recorded in October. On the other hand, stresses the “sharp increase” in imports from Angola, mainly fuels and lubricants, after a “significant reduction” in the previous month.

To this purpose, the INE explains that “imports of fuel and lubricants there are many changes in the countries of origin, since companies rely on a basket of crudes of different origins, acquiring those who at every moment are available in economic conditions more competitive.

In the spotlight on the international trade in goods of October, the INE has initiated regular dissemination of Unit Value Indices at a quarterly frequency, and the results obtained for the 3.First quarter of 2016 “show that, after a relatively short period, the long-term gains in terms of trade, will change this trend, by checking that the 2.Th to the 3.First quarter has gone from gains to loss of terms of trade”.