In December 2020, exports and imports of goods recorded nominal year-on-year growth rates of -7.8% and -6.9%, respectively (-0.2% and -11.9% in November 2020, in the same order). The emphasis was on the declines in exports and imports of Fuels and lubricants (-45.1% and -32.0% respectively) and Transport equipment (-20.8% and -16.3%, in the same order).
Excluding Fuels and lubricants, exports and imports decreased by 3.8% (+2.9% and -8.1%, respectively, in November 2020).
The deficit on the balance of trade in goods decreased by EUR 59 million when compared to the same month of 2019, amounting to EUR 1,370 million in December 2020. Excluding Fuels and lubricants, the trade deficit stood at EUR 1,159 million, less EUR 45 million vis-à-vis December 2019.
In the 4th quarter of 2020, exports and imports of goods decreased by 3.2% and 10.2% respectively, when compared to the 4th quarter of 2019 (-0.8% and -10.5% in the same order, in the quarter ended in November 2020).
When considering the year 2020 as a whole, exports and imports of goods fell by 10.2% and 15.2%, respectively (+3.5% and +6.0% in 2019, in the same order) and the deficit of trade balance decreased by EUR 6,024 million to EUR 14,051 million. Since 2009, exports of goods had not recorded a negative annual growth rate. Excluding Fuels and lubricants, exports and imports fell by 8.9% and 12.6%, respectively in 2020 (+4.4% and +6.8% in 2019).
In 2020, exports and imports of Fuels and lubricants fell by 32.1% and 35.6% respectively compared with the previous year (see box), corresponding to the economic category with the greatest relative decreases in the total of the year.
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