In April 2023, exports and imports of goods recorded nominal year-on-year rates of change of -3.6% and -5.7%, respectively (+18.6% and +9.6%, in the same order, in March 2023). It should be noted that April 2023 had one less working day than the same month in 2022 and five fewer working days than the previous month. Since the first months of 2021, there has been no decrease in Portugal's transactions of goods with foreign markets.
The decreases in exports and imports of Industrial supplies (-10.0% and -12.4%, respectively) and Fuels and lubricants (-23.1% and -40.6%, in the same order) are noteworthy. In the latter case, reflecting the decrease in volume and more so in prices (it is worth remembering that in April 2022 the transactions of Fuels and lubricants had practically doubled compared with the same period in 2021).
When excluding Fuels and lubricants, there was a decrease of 1.8% in exports and an increase of 1.5% in imports (+20.7% and +14.1%, respectively, in March 2023). In imports, the increases in Transport equipment (+24.0%), mainly Passenger motor cars, and in Food and beverages (+11.0%) were the most noteworthy.
The unit value indices (prices) recorded rates of change of +0.7% in exports and -5.0% in imports (+4.4% and -2.3%, respectively, in March 2023; in April 2022, the rates of change had been +18.7% and +23.6%). Excluding petroleum products, changes were +3.2% for exports and -1.6% for imports (+6.1% and +0.5%, respectively, in March 2023; in April 2022, the rates of change were +14.6% and +15.6%).
The deficit of the trade balance decreased by EUR 269 million when compared to April 2022, amounting to EUR 2,245 million. Excluding Fuels and lubricants, the deficit increased by EUR 209 million, amounting to EUR 1,776 million.
In the quarter that ended in April 2023, exports and imports increased by 7.5% and 3.7%, respectively, when compared to the same period in 2022 (+13.1% and +9.1%, in the same order, in the 1st quarter of 2023).