Luís Pires Reis
Exports fall into August. It is the fourth month this year in which registers a decline in exports.
The domestic exports fell 2.2% year on year, showed data released today by the National Statistics Institute (INE). It’s the first drop since May, when export sales had fallen 3.6%.
August is a traditionally volatile month for being the height of summer and vacation. But the fall of 2.2% is homologous, ie, over the same period last year, so already discounts the effect of seasonality.
The crash happens at a time when Europe, which absorbs Granden one part of the country’s exports, is facing heavy braking the economy and deflation risks. The largest Portuguese trading partner, neighboring Spain, signs of some resistance, but it is not accompanied by other target markets.
Germany, for example, saw GDP contract 0.2% in the second quarter and recent data point to difficulties in returning to the path of growth. Already France, the third largest trading partner, has the stagnant economy since the beginning of ano.Tudo added, sales to European partners fell 1.4% year on year, advances the INE.
And, despite France be worse off, sales to the Gallic market were still positive, growing 3%. As for Germany and Spain fell 6% and 7%, respectively.
This at a time when neither trade outside Europe helps. The extra-European Union exports fell 3.9% year on year, as they will also sense the effect of the embargo on Russian products to European products.
The national imports also dropped in August, falling 3 1% over the same month last year, mainly on account of imports outside Europe, which decreased 14.4% (imports from Europe increased by 2.3%).
The weaker evolution than expected exports this year is to have consequences for the trade deficit, which in the first eight months of the year totaled € 6.8 billion, up from 5.9 billion it recorded in the same period last year.
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