In July 2023, exports and imports of goods recorded negative nominal year-on-year rates of change of -10.6% and -8.2%, respectively (-3.4% and -7.7%, in the same order, in June 2023), with emphasis on the decreases in imports of Fuels and lubricants (-47.8%), which were due to the decreases in volume (-19.3%) and value (-49.5%) of Crude oil, reflecting this product price reduction on the international market (-37.5%), and Industrial supplies (-13.6%, mainly Base metals). 

In exports, the highlights are the decreases in Fuels and lubricants (-46.3%, also reflecting decreases in volume and value) and Industrial supplies (-18.3%, mostly Chemical products and Cellulose pulp and paper). 

Excluding Fuels and lubricants, there was a decrease of 7.1% in exports and a slight increase of 0.2% in imports (+1.1% and +2.5%, respectively, in June 2023).

The unit value indices (prices) registered rates of change of -4.2% in exports and -9.1% in imports (-5.2% and -9.4%, respectively, in June 2023; in July 2022, the rates of change had been +18.4% and +22.5%). Excluding petroleum products, there were decreases of 0.3% in exports and 3.4% in imports (+0.2% and -3.0%, respectively, in June 2023; in July 2022, the rates of change had been +14.2% and +15.0%).

The deficit of the trade balance decreased by EUR 7 million when compared to July 2022, amounting to EUR 2,218 million. Excluding Fuels and lubricants, the deficit increased by EUR 477 million, amounting to EUR 1,709 million.

In the quarter ended in July 2023, exports and imports decreased by 7.0% and 6.7%, respectively, when compared with the same period in 2022 (-4.8% and -6.2%, in the same order, in the 2nd quarter of 2023).