In October 2022, exports and imports of goods recorded nominal year-on-year growth rates of +21.1% and +26.2%, respectively (+25.0% and +30.4%, in the same order, in September 2022), with the emphasis on the increases in exports and imports of Capital goods and parts thereof (+43.6% and +34.0%, respectively) and Industrial supplies (+14.0% and +19.1%, in the same order). 

Excluding Fuels and lubricants, exports and imports increased by 19.4% and 25.2%, respectively (+24.1% and +27.1%, in the same order, in September 2022). 

The unit value indices (prices) registered year-on-year growth rates of +14.5% in exports and +14.2% in imports. Excluding petroleum products, the year-on-year growth rates were +12.6% and +10.5%, respectively.

The deficit of trade balance worsened by EUR 814 million compared to October 2021, amounting to EUR 2,833 million. Excluding Fuels and lubricants, the total deficit amounted to EUR 1,983 million, increasing by EUR 644 million compared to October 2021.

In the quarter ended in October 2022, exports grew by 25.5% and imports increased by 34.7%, compared to the same period of 2021 (+28.0% and +36.7%, respectively, in the 3rd quarter of 2022). 

In the period from January to October 2022, imports from Brazil practically doubled compared to the same period of 2021, with this country becoming the 7th main supplier of goods to Portugal, and the 2nd largest Extra-EU supplier, only surpassed by China. Large part of this increase resulted from the import of Mineral fuels, which grew by 84.5%, essentially due to Petroleum oils and oils obtained from bituminous minerals, crude (see box in this press release).