In January 2022, exports and imports of goods recorded nominal year-on-year growth rates of +22.2% and +37.5%, respectively (+24.1% and +35.1%, in the same order, in December 2021). Compared to January 2020, the rates of change were +9.7% in exports and +13.3% in imports. The emphasis was on the increases in exports and imports of Industrial supplies (+33.7% and +48.7%; +27.7% and +41.4% compared to 2020, respectively) and in imports of Fuels and lubricants (+115.7%; +16.2% vis-à-vis 2020).
Excluding Fuels and lubricants, exports and imports grew by 19.5% and 29.9%, respectively (+24.1% and +28.8%, in the same order, in December 2021). When compared with January 2020, there were increases of 10.3% and 12.8%, in the same order.
The deficit of trade balance in goods increased by EUR 1,041 million when compared with the same month of 2021 (EUR +389 million when compared with January 2020), amounting to EUR 1,939 million in January 2022. Excluding Fuels and lubricants, the trade deficit amounted to EUR 1,310 million, increasing by EUR 652 million compared to 2021 (EUR +254 million vis-à-vis January 2020).
In the quarter ended in January 2022, exports of goods increased by 20.8% and imports grew by 35.8% when compared with the same period of 2021 (+13.6% and +28.9%, in the same order, in the 4th quarter 2021). When compared with the quarter ended in January of 2020, exports and imports increased by 13.6% and 20.0%, respectively.
January 2022 marks 20 years since the start of circulation of the banknotes and coins of the Euro, being presented in this press release (see text box) an analysis of the International Trade in goods with the Eurozone countries during this period. Throughout the period 2002-2021, there was a loss of the relative importance of the transactions of Portugal with the Eurozone countries, more relevant in imports than in exports. In the first half of this period (2002-2011), the Portuguese exports and imports grew more to countries out of the Eurozone, i.e., exactly the opposite of what had been the trend in the most recent years.