In June 2023, exports and imports of goods recorded, for the third month in a row, negative year-on-year nominal rates of change, -3.4% and -7.6%, respectively (-7.3% and -4.2%, in the same order, in May 2023). 

The decreases in exports and imports of Fuels and lubricants (-41.0% and -47.4%, respectively) stand out, reflecting decreases in prices, and also a base effect, given that in June 2022 there had been significant increases in transactions of these products, anticipating the shortages and price rises expected from the conflict in Ukraine. 

Excluding Fuels and lubricants, there were increases of 1.1% in exports and 2.7% in imports (-4.7% and +3.9%, respectively, in May 2023). 

The unit value indices (prices) recorded changes of -4.8% in exports and -9.1% in imports (-2.3% and -6.5%, respectively, in May 2023; in June 2022 the variations had been +19.6% and +26.6%). Excluding petroleum products, the variations were +0.4% in exports and -2.6% in imports (+2.3% and -2.6%, respectively, in May 2023; in June 2022 the variations had been +13.7% and +15.7%).

The deficit of the trade balance decreased by EUR 496 million when compared to June 2022, amounting to EUR 2,122 million. Excluding Fuels and lubricants, the deficit increased by EUR 136 million, amounting to EUR 1,522 million.

In the 2nd quarter of 2023, exports and imports decreased by 4.9% and 6.1%, respectively, when compared with the 2nd quarter of 2022 (+2.1% and -0.7%, in the same order, in the quarter ended in May 2023). In the 1st half of 2023, exports increased by 3.3% and imports grew by 0.8% when compared to the same period of 2022 (+24.7% and +37.2% in the 1st half of 2022, respectively).

In addition to the usual monthly results, this press release presents the definitive results for the year 2022, which, given the additional data obtained in the meantime, present revisions of +0.3 p.p. in both flows compared to the preliminary results released in June: annual rates of change of +23.2% in exports and +31.7% in imports. 

The transactions of high technology products (HTP) represented 5.2% of total exports of goods in 2022 (+0.5 p.p. compared to 2021) and 10.4% of imports (-0.2 p.p.), both reaching the highest values of the period under review, 2013-2022 (see box in this press release, based on the definitive 2022 results).