March was a month of significant fall for Portuguese goods exports, which suffered their biggest fall in the last 12 months, falling by 13.6%, equivalent to more than a billion euros compared to the same period in 2023, according to data published by the Ministry of Finance. National Statistical Institute (INE).
Sales fell across all products, with INE reporting declines in shipments of industrial goods (16.9%) and transport materials (16%).
Imports also took a hit, the second-biggest fall of the year. A drop of 15.5%, equivalent to €1.5 billion that was no longer spent. The pace of purchases slowed down the most for industrial goods (-26.9%) and fuels and lubricants (-33%).
At the end of March, the difference between imports and exports decreased by 471 million euros, but the trade deficit remains, with another 1.6 billion euros spent on purchasing products from abroad.
Contributing to this decline are businesses with Spain, the most important for Portugal, which have been hit hard, with around 300 million euros fewer exports compared to March 2023 and 544 million euros fewer imports of goods. They are followed by France and the United States in terms of sales, the decline of which exceeds 100 million euros, the same is happening with purchases in Brazil and the United States.
These accounts do not include services such as tourism, which have a strong impact on transaction balances.
Author: João Reis Alves
Source: CM Jornal
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