Portugal's trade deficit narrowed to EUR 1.59 billion in March 2020 from EUR 1.74 billion in the same month last year. Exports tumbled 13 percent to a six-month low mainly due to lower sales of passenger vehicles (-46.4 percent), industrial supplies (-8.1 percent) and consumer goods (-13.1 percent). Among major trade partners, exports were down to Spain, France, Germany, the UK and Italy, but were up to the US. Meanwhile, imports plunged 11.9 percent, led by lower purchases of transport equipment (-38.4 percent) in particular aircraft, machinery and other capital goods (-13.7 percent), industrial supplies (-4.2 percent) and consumer goods (-7.5 percent). Imports were down from Spain, Germany, France, Italy, the Netherlands, and China among others.
Balance of Trade in Portugal averaged -554.45 EUR Million from 1950 until 2020, 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. This page provides - Portugal Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020.
Balance of Trade in Portugal is expected to be -1720.00 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 -1600.00 in 12 months time. In the long-term, the Portugal Balance of Trade is projected to trend around -1440.00 EUR Million in 2021 and -1530.00 EUR Million in 2022, according to our econometric models.