The trade deficit in Portugal narrowed to EUR 1735 million in November of 2019 from EUR 2064 million a year earlier. Exports jumped 8.6 percent to EUR 5245 million, mainly boosted by sales of autos to Germany while shipments of industrial supplies fell to Angola. Yet, the rise in exports partially reflects lower sales registered last year due to a dockers' strike in the port of Setúbal which affected passenger car exports. Imports rose at a slower 1.3 percent to EUR 6980 million, due to purchases of airplanes mainly from France while industrial supplies from Spain declined. Balance of Trade in Portugal averaged -549.91 EUR Million from 1950 until 2019, reaching an all time high of 3.55 EUR Million in May of 1955 and a record low of -2524.87 EUR Million in June of 2010.
Balance of Trade in Portugal is expected to be -1580.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Portugal to stand at -1660.00 in 12 months time. In the long-term, the Portugal Balance of Trade is projected to trend around -1530.00 EUR Million in 2020, according to our econometric models.