SYN THESISINE@COVID-19, 23-Dec-2021

December . 23 . 2021 SYNTH SIS IN @ COVID-19 www.ine.pt page 4/20 Communication Unit | tel: +351 21 842 61 10 | sci@ine.pt Income from agricultural activity should rise by 11.1% in 2021 After a near stagnation in 2020, it is estimated that in 2021 the Income from agricultural activity per annual work unit (AWU) will register an increase of 11.1% in real terms, as a result of the increases foreseen for Gross Value Added (+9.0%) and Other subsidies on production (+9.7%). Between January and October 2021: • Exports of agricultural products registered a year-on-year increase of 7.6%, lower than that of total exports of goods, which rose by 17.9%; • Imports of agricultural products registered an increase of 9.8%, lower than that of total imports of goods (+18.1%); • Contrary to the outcome concerning other animal species, Pigs should decrease in volume (-0.2%) and price (-6.1%). Production shows some recovery from the impact of the pandemic, especially in the piglet meat sub-sector, particularly affected by the closure of restaurants. However, despite the good outlook at the beginning of the year, the increase in exports, the decrease in pork imports by China, as well as the occurrence of outbreaks of African Swine Fever in Europe, led to an increase in the supply of pork in Europe, especially by large producers. This fact, combined with the general reduction in demand as a result of the pandemic, led to a drop in prices at the European level. International trade in goods – Exports Year-on-year rate of change – Agricultural products, Other products, and total Exports International trade in goods – Imports Year-on-year rate of change – Agricultural products, Other products, and total Imports More information is available at: Economic accounts for agriculture – 1 st estimate (13 December 2021) 4.3% 3.7% 15.3% 17.9% 18.6% 7.6% -10.3% -11.1% 4.8% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Total exports Other products Agricultural products Y-o-Y rate of change 2020/2019 Y-o-Y rate of change 2021/2020 (Jan-Oct) Y-o-Y rate of change 2021/2019 (Jan-Oct) Y-o-Y rate of change 2020/2019 Y-o-Y rate of change 2021/2020 (Jan-Oct) Y-o-Y rate of change 2021/2019 (Jan-Oct) -0.8% -1.4% 7.4% 18.1% 18.9% 9.8% -14.8% -15.8% -2.2% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Total imports Other products Agricultural products