Portugal's trade deficit widened to EUR 1.83 billion in June 2019 from EUR 1.68 billion in the same month last year. Exports fell for the first time in eight months by 8.3 percent, due mainly to lower sales of fuels and lubricants (-34.3 percent), consumer goods (-10.5 percent) and industrial supplies (-6.2 percent). Among major trade partners, exports were down to Spain (-9.2 percent), France (-3.5 percent), Germany (-1.5 percent), the UK (-10.1 percent) and the US (-11.7 percent). Meanwhile, imports dropped at a slower 4.1 percent, the first month of decline since May 2018, dragged by purchases of fuels and lubricants (-24.8 percent) and industrial supplies (-8.9 percent). On the other hand, transport equipment imports jumped 32.4 percent on the back of aircraft. Imports decreased from Spain (-4.4 percent), Germany (-7.3 percent), Italy (-2.7 percent) and the Netherlands (-13.1 percent), but rose from France (61.2 percent). Balance of Trade in Portugal averaged -542.19 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 -1180.00 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 -920.00 in 12 months time. In the long-term, the Portugal Balance of Trade is projected to trend around -1440.00 EUR Million in 2020, according to our econometric models.