In December 2019, exports and imports of goods recorded nominal year-on-year growth rates of +5.4% and +1.2%, respectively (+8.4% and +1.0% in November 2019, in the same order). In exports, the increase of Fuels and lubricants (+38.5%) and the decrease of Passenger motor cars (-26.2%) stood out.
Excluding Fuels and lubricants, exports grew by 2.8% and imports increased by 0.9% (+5.9% and +2.6%, respectively, in November 2019).
The trade balance deficit in goods decreased by EUR 165 million when compared to the same month of 2018, reaching EUR 1,425 million in December 2019. Excluding Fuels and lubricants, the trade balance stood at EUR -1,195 million, corresponding to a decrease of EUR 64 million in the trade deficit vis-à-vis December 2018.
In the 4th quarter 2019, exports and imports of goods increased by 7.5% and by 3.0%, respectively, compared to the 4th quarter 2018 (+7.3% and +6.5% in the same order, in the quarter ended in November 2019).
When considering the year 2019 as a whole, exports and imports of goods grew by 3.6% and by 6.6%, respectively (+5.1% and +8.1% in 2018) and the deficit of trade balance increased by EUR 2,842 million. Excluding Fuels and lubricants, exports and imports grew by 4.5% and by 7.4%, respectively in 2019 (+5.3% and +7.8% in 2018).
In 2019, exports of goods to the United Kingdom decreased by 0.6% and imports grew by 11.6% (+0.5% and +1.6% in 2018, respectively) (analysis only available in Portuguese).