Global economic slowdown and inflationary phenomenon were again reflected in Portugal’s exports and imports, which fell by around 6.9% and 4.1% respectively in May compared with the same period last year.
Some of the main highlights (INE, 2023) are the decline in exports of pharmaceutical products and imports of fuels and lubricants (-41.3%). Exports of industrial supplies, particularly chemicals, to the United States also fell by 25.1%.
On the other hand, exports of transport equipment (+23.5%) and machinery and other capital goods (+16.9%) to France and Spain increased. Overall, price levels varied by -2.3% for exports and 6.5% for imports.
Despite the deceleration, exports and imports are expected to continue their positive contribution to the economy and to develop favourably.
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Sources:
ECO. (2023). Comércio internacional acentua queda. Exportações recuam 6,9% em maio. Consultado a 03 de agosto de 2023, em: https://eco.sapo.pt/2023/07/10/comercio-internacional-acentua-queda-exportacoes-recuam-69-em-maio/
Jornal Económico. (2023). Comércio internacional volta a recuar em maio pelo segundo mês seguido. Consultado a 03 de agosto de 2023, em: https://jornaleconomico.pt/noticias/comercio-internacional-volta-a-recuar-em-maio-pelo-segundo-mes-seguido/?utm_source=brevo&utm_campaign=PEmpresarial%20646-23%20%20Negcios%20De%20volta%20ao%20Cucaso%20em%20misso%20empresarial&utm_medium=email
