In August 2022, exports and imports of goods recorded nominal year-on-year growth rates of +32.6% and +51.9%, respectively (+28.1% and +29.7%, in the same order, in July 2022), with emphasis on the increase of 169.0% in imports of Fuels and lubricants, which was mostly due to the increases in value (+703.8%) and volume (+41.9%) of imports of Natural gas, liquefied, reflecting to a great extent the increase in the price of this product in 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 growth rates of +18.4% in exports and +28.6% in imports. Excluding petroleum products, the year-on-year growth rates were +13.1% and +12.5%, respectively.

The deficit of trade balance in goods worsened by EUR 1,748 million compared to August 2021, reaching EUR 3,501 million. Excluding Fuels and lubricants, the total deficit amounted to EUR 1,919 million, increasing by EUR 661 million compared to August 2021.

In the quarter ended in August 2022, exports and imports increased 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 ended in July 2022). 

In this press release, is presented an analysis on the transactions of goods for the first six months of conflict between Russia and Ukraine (period of March-August 2022). During this period, there was an acceleration in total Portuguese imports (+37.2%) and also, to a lesser extent, in exports (+27.5%) mainly as a result of increasing price variations. Conversely, Portugal's transactions with Russia and Ukraine have recorded progressive decreases which, in cumulative terms over the reference period, resulted in changes of -14.4% and -3.6%, respectively in imports, and -59.1% and -42.0%, in the same order, in exports.