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.

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Portugal Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-1734.52 -1670.31 3.55 -2524.87 1950 - 2019 EUR Million Monthly



Calendar GMT Actual Previous Consensus TEForecast
2019-10-10 10:00 AM Aug €-1638M €-1859M €-1220M
2019-11-08 11:00 AM Sep €-1802M €-1638M €-1180M
2019-12-10 11:00 AM Oct €-1647M €-1822M €-1020M
2020-01-09 11:00 AM Nov €-1735M €-1670M €-2300M
2020-02-07 11:00 AM Dec €-1735M €-1400M


News Stream
2019-12-10
Portugal Trade Deficit Little-Changed in October
Portugal's trade deficit came in at EUR 1.65 billion in October 2019, little-changed from EUR 1.64 billion in the same month last year. Exports jumped 8.4 percent to near all-time high, boosted by sales of transport equipment (12.9 percent), in particular passenger vehicles; industrial supplies (3.1 percent); and consumer goods (4.5 percent). Among major trade partners, exports increased to France (16.0 percent), the US (46.8 percent), Spain (4.9 percent), Germany (9.5 percent) and the UK (2.0 percent). Meanwhile, imports rose 6.5 percent to a record high, as purchases were up for transport equipment (19.3 percent), in particular aircraft; machinery & other capital goods (8.6 percent); and consumer goods (5.8 percent). Meanwhile, industrial supplies imports dropped 2.2 percent. Imports increased mainly from France (15.8 percent), Italy (4.6 percent), Spain (1.5 percent) and Germany (1.0 percent).

2019-11-08
Portugal Trade Deficit Widens as Imports Jump
Portugal's trade deficit widened to EUR 1.80 billion in September 2019 from EUR 1.24 billion in the same month last year. Imports surged 13.2 percent due to a 40.4 percent jump in purchases of fuels and lubricants, mostly processed products, partly explained by the closure for maintenance of the Sines refinery in the first half of the month. Imports also increased for transport equipment (30.1 percent) and machinery and other capital goods (8.9 percent). Among key trade partners, imports were up from Spain (8.6 percent), Germany (14.3 percent) and France (33.8 percent). Meanwhile, exports rose at a softer 5.8 percent, boosted by sales of transport equipment (19.8 percent) and industrial supplies (1.5 percent). Exports grew mostly to Germany (11.8 percent) and France (9.4 percent).

2019-10-10
Portugal Trade Deficit Shrinks in August
Portugal's trade deficit narrowed to EUR 1.64 billion in August 2019 from EUR 1.72 billion in the same month last year, as imports fell 4 percent led by a 43.7 percent plunge in purchases of fuels and lubricants. Imports also decreased for industrial supplies (-2.1 percent) and food (-1.8 percent). Among key trade partners, imports fell from Germany (-5.2 percent), Italy (-3.3 percent) and the Netherlands (-10.6 percent). Meanwhile, exports declined at a softer 3.8 percent, led by decreases in sales of fuels and lubricants (-44.1 percent), industrial supplies (-4 percent) and consumer goods (-1.5 percent). Exports dropped to Spain (-4 percent), the US (-25.2 percent) and Italy (-9.9 percent).

2019-09-09
Portugal Trade Surplus Widens as Imports Jump
Portugal's trade deficit widened to EUR 1.75 billion in July 2019 from EUR 1.30 billion in the same month last year, as imports jumped 7.9 percent to a near record high, mainly boosted by purchases of transport equipment (27.9 percent) in particular aircraft. Among key trading partners, imports rose mainly from France (67 percent), Spain (4.2 percent), China (35.1 percent) and Belgium (20.3 percent), but declined from Germany (-5.9 percent). Meanwhile, exports increased at a softer 1.3 percent on the back of a 3.9 percent rise in industrial supplies sales, while exports of fuels and lubricants tumbled 20.8 percent. Exports were up to France (10.8 percent) and the US (7.4 percent), but were down to Spain (-1.5 percent), Germany (-2.8 percent), and the UK (-6.7 percent).

2019-08-09
Portugal Trade Deficit Widens as Exports, Imports Fall
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).

2019-07-10
Portugal Trade Deficit Widens Sharply in May
Portugal's trade deficit widened to EUR 1.63 billion in May 2019 from EUR 1.15 billion in the same month last year, as both exports and imports hit all-time highs. Imports jumped 14.7 percent, boosted by purchases of transport equipment (27.4 percent) mainly as a result of the acquisition of airplanes, and fuels and lubricants (43.2 percent) led by crude oil. Among major trade partners, imports rose from France (60.7 percent), Germany (9.6 percent) and the UK (49.4 percent). Exports rose at a slower 8.7 percent, driven by sales of transport equipment (21.9 percent) and machinery & other capital goods (9.8 percent). Exports increased mostly to France (21.7 percent) and Germany (11.6 percent).


Portugal Balance of Trade
In 2017, the Portuguese trade deficit widened sharply by 23.4 percent from the previous year to EUR 13.8 billion, the largest trade gap since 2011. Imports rose by 12.5 percent, the most since 2010, while exports increased at a slower 10.1 percent, the biggest gain since 2011. The largest trade deficits were recorded with Spain, Germany, Italy, the Netherlands, Russia and China, while the biggest trade surpluses were recorded with the United States, the United Kingdom and France.

Portugal Trade Last Previous Highest Lowest Unit
Balance of Trade -1734.52 -1670.31 3.55 -2524.87 EUR Million [+]
Current Account -116.20 242.68 1625.26 -2674.13 EUR Million [+]
Current Account to GDP 0.10 1.00 3.10 -14.70 percent [+]
Imports 6979.67 7264.66 7264.66 0.00 EUR Million [+]
Exports 5245.16 5594.35 5603.05 1.69 EUR Million [+]
External Debt 415500.00 417357.00 421132.40 56392.07 EUR Million [+]
Capital Flows 384.63 589.29 2173.58 -2461.82 EUR Million [+]
Foreign Direct Investment 133.60 1086.67 6288.05 -3307.52 EUR Million [+]
Remittances 288.28 322.73 515.40 153.66 EUR Million [+]
Tourism Revenues 984.40 1536.59 2983.07 199.98 EUR Million [+]
Gold Reserves 382.54 382.54 606.76 382.48 Tonnes [+]
Terrorism Index 0.00 0.00 1.85 0.00 [+]
Tourist Arrivals 2763402.00 4811050.00 6148883.00 88000.00 [+]
Weapons Sales 3.00 56.00 172.00 0.00 USD Million [+]