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Exports rise 21% in June, higher than pre-pandemic period

While exports of goods soared 21.4% in June, imports rose 29.4%, according to Statistics Portugal (INE).


Portuguese exports and imports of goods increased in nominal terms in June, compared to the same period last year, by 21.4% and 29.4%, respectively, Statistics Portugal (INE) said on Monday.

The institution highlighted “the increases in exports and imports of industrial supplies (+38.3% and +46.6%, respectively; +17.9% and +28.6% compared to June 2019)”, recalling that “these year-on-year variations, in June, focus on a month of 2020 in which the impact of the Covid-19 pandemic was felt very intensely”.

The INE also said that “excluding fuels and lubricants, June 2021 saw a 17.6% increase in exports and a 24.0% increase in imports, year-on-year (+49.1% and +42.2% in May 2021, respectively),” and that “compared to June 2019, there were increases of 8.0% and 4.1%, respectively.”

Compared to the previous month, “in June 2021, exports and imports decreased by 3.1% and 0.2%, respectively (-0.3% and +0.4%, in the same order, in May 2021)”.

INE highlighted, “in both flows” the growth in industrial supplies (+5.4% in exports and +10.4% in imports) and machinery and other capital goods (+10.7% and +4.6%, respectively) and the fall in transport material (-9.7% and -33.2%, in the same order).”

According to the institute, “the trade balance of goods deficit increased by €609 million compared to the same month in 2020 (decreased by €347 million compared to June 2019), reaching €1,523 million in June 2021,” with “excluding fuels and lubricants, the deficit reached €1,198 million,” INE revealed.

The institute also noted that “in the 2nd quarter of 2021, exports of goods increased by 49.0% and imports by 46.7% compared to the same period of 2020 (+51.6% and +39.3%, in the same order, in the quarter ending May 2021).”

At the same time, compared to the second quarter of 2019, “exports increased by 2.9% and imports decreased by 2.9%,” INE noted.

These results, which reflect the inclusion of new information, “revised 0.1 p.p. [percentage points] downward revision to the year-on-year rate of change in exports and 0.4 p.p. upward revision to the year-on-year rate of change in imports for the 2nd quarter of 2021, presented in the quarterly flash estimate,” the institute noted.

In the statement, INE also noted the performance of the forestry products segment, given its weight in international trade of goods, at 8.7% of exports and 3.4% of imports in 2020.

Thus, exports and imports in this segment “increased by 16.6% and 9.7%, respectively, in the first half of 2021 after the decreases recorded in 2020, having already exceeded by 1.7% and 0.9%, respectively, the levels of the first half of 2019.”

Source: CCIPV / ECO News


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