In December 2022, exports and imports of goods recorded nominal year-on-year growth rates of +9.5% and +9.1%, respectively (+18.6% and +16.1%, in the same order, in November 2022), reflecting a deceleration in prices: the unit value indices (prices) recorded year-on-year growth rates of +9.3% in exports and +12.6% in imports (+13.0% and +14.1%, respectively, in November 2022). These variations may also have been influenced by the strike in national ports, which occurred in December 2022.  

Also in nominal terms, the emphasis is on the increases in exports of Capital goods and parts thereof (+24.5%) and Fuels and lubricants (+50.7%) and in imports of Transport equipment (+48.1%), as well as the decrease in imports of Industrial supplies (-7.5%).

Excluding Fuels and lubricants, there were increases of 7.0% in exports and 8.0% in imports (+15.3% and +13.4%, respectively, in November 2022). Excluding petroleum products, the unit value indices (prices) registered year-on-year growth rates of +7.9% in exports and +9.4% in imports (+11.8% and +9.8%, respectively, in November 2022).

The deficit of trade balance worsened by EUR 208 million when compared to December 2021, amounting to EUR 2,750 million. Excluding Fuels and lubricants, the deficit amounted to EUR 2,114 million, increasing by EUR 201 million when compared to December 2021.

In the 4th quarter of 2022, exports and imports grew by 16.4% and 17.0%, respectively, when compared to the same period in 2021 (+21.1% and +24.1%, in the same order, in the quarter ended in November 2022). 

In 2022 as a whole, exports and imports of goods increased by 23.1% and 31.2%, respectively (+18.3% and +22.0% in 2021, in the same order), with the deficit of trade balance increasing by EUR 11,256 million to EUR 30,783 million. Excluding Fuels and lubricants, exports and imports grew by 19.6% and 23.2%, respectively, in 2022 (+16.9% and +18.6% in 2021, in the same order). The trade deficit excluding Fuels and lubricants stood at EUR 19,205 million, increasing by EUR 5,386 million compared to 2021.

Germany, one of the main external customers and suppliers of goods to Portugal, presented a deceleration in GDP growth in 2022. In this press release, there is an analysis of the transactions of Portuguese goods with that country, with a special focus on the exposure of Portuguese enterprises to this market. In 2022, 14% of exports to Germany were made by enterprises whose exposure to this country was above 80%.