Portuguese Exports and Imports Increased by 32.6% and 51.9% in Nominal Terms

In August 2022, exports and imports of goods registered nominal year-on-year changes of +32.6% and +51.9%, respectively (+28.1% and +29.7%, in the same order, in July 2022). 2022), with emphasis on the 169.0% increase in imports of Fuels and lubricants, which was mainly due to the increase in value (+703.8%) and in volume (+41.9%) of imports of Natural Gas , liquefied, largely reflecting the rise in the price of this product on the international market (+466.5%).
Excluding Fuels and lubricants, exports and imports increased by 27.3% and 33.3%, respectively (+22.9% and +20.9%, in the same order, in July 2022).

The unit value indices (prices) registered year-on-year changes of +18.4% in exports and +28.6% in imports. Excluding petroleum products, the changes were +13.1% and +12.5%, respectively.
The goods trade balance deficit worsened by 1,748 million euros compared to August 2021, reaching 3,501 million euros. Excluding Fuels and lubricants, the deficit totaled 1,919 million euros, increasing by 661 million euros compared to August 2021.
In the quarter ended in August 2022, exports and imports grew by 32.5% and 40.9%, respectively, compared to the same period in 2021 (+35.2% and +39.1%, in the same order, in the quarter ending July 2022).
In this highlight, a box is presented with the values of goods transactions during the first six months of conflict between Russia and Ukraine (period March-August 2022), a period in which there was an acceleration of total imports from Portugal (+ 37.2%) and also, to a lesser extent, exports (+27.5%) mainly as a result of increasing price variations. In the opposite direction, Portugal’s transactions with Russia and Ukraine have registered progressive decreases which, in accumulated terms in the reference period, translated into changes -14.4% and -3.6%, respectively, in imports, and -59, 1% and -42.0%, in the same order for exports.