In March 2022, exports and imports of goods recorded nominal year-on-year growth rates of +13.6% and +30.0%, respectively (+19.9% and +43.3%, in the same order, in February 2022). The emphasis was on the increases in exports and imports of Industrial supplies (+24.8% in both flows) and imports of Fuels and lubricants (+132.8%).

Excluding Fuels and lubricants, exports and imports grew by 12.4% and 20.2%, respectively (+17.0% and +32.7%, in the same order, in February 2022).

The deficit of trade balance in goods increased by EUR 1,290 million when compared with the same month of 2021, amounting to EUR 2,415 million. Excluding Fuels and lubricants, the trade deficit was EUR 1,447 million, increasing by EUR 599 million when compared to March 2021.

In the 1st quarter of 2022, exports increased by 18.2% and imports grew by 36.8% when compared with the same period of 2021 (+22.0% and +39.6%, in the same order, in the quarter ended in February 2022). When compared with the 1st quarter of 2020, exports and imports increased by 25.6% and 29.0%, respectively (+21.5% and +25.9%, in the same order, vis-à-vis the 1st quarter of 2019).

These results revise by -0.5 p.p. and +0.2 p.p. the year-on-year rates of change of exports and imports, respectively, presented on the quarterly flash estimate, as a result of the inclusion of new data.