In January 2024, exports and imports of goods recorded nominal year-on-year rates of change of +0.4% and -4.5%, respectively (0.0% and -5.5%, in the same order, in December 2023).

In the first month of 2024, the increase in exports of Transport equipment (+13.9%) and the decrease in imports of Fuels and lubricants (-29.8%) are noteworthy, in the latter case due to decreases in both volume (-19.0%) and price (-13.4%).

Excluding Fuels and lubricants, in January 2024, there was an increase of 1.0% in exports and a decrease of 0.6% in imports (+0.4% and -4.0%, respectively, in December 2023).

In January 2024, the unit value indices (prices) continued to record negative rates of change, -3.5% in exports and -6.5% in imports (-3.0% and -7.4%, respectively, in December 2023; +7.8% and +6.9% in January 2023). Excluding petroleum products, there were decreases of 2.8% in exports and 4.7% in imports (-2.1% and -4.7%, respectively, in December 2023; +7.8% and +5.9% in January 2023).

The deficit of the trade balance decreased by EUR 399 million, year-on-year, in January 2024, amounting to EUR 1,662 million. Excluding Fuels and lubricants, the deficit amounted to EUR 1,328 million, reflecting a EUR 100 million reduction.

In the quarter that ended in January 2024, exports and imports decreased by 0.7% and 6.1%, respectively, when compared to the same period in 2023 (-2.1% and -5.3%, in the same order, in the last quarter of 2023).