In October 2023, exports and imports of goods recorded nominal year-on-year rates of change of -3.1% and -2.0%, respectively (-8.6% and -12.7%, in the same order, in September 2023), with Fuels and lubricants standing out (-22.2% in exports and -23.0% in imports), reflecting decreases in volume (-5.9% and -7.3%, respectively) and a price reduction in these products on the international market (-17.3% and -16.9%, in the same order).

Excluding Fuels and lubricants, exports decreased by 1.7%, while imports, after two months in decline, increased by 1.3% (-8.4% and -10.1% respectively in September 2023). 

The unit value indices (prices) registered rates of change of -4.6% in exports and -5.9% in imports (-4.7% and -6.9%, respectively, in September 2023; in October 2022, the rates of change had been +14.9% and +13.8%). Excluding petroleum products, there were less significant decreases, -2.9% in exports and -4.7% in imports (-1.6% and -4.6%, respectively, in September 2023; in October 2022, the variations had been +13.1% and +10.2%).

The trade deficit increased by EUR 18 million when compared to October of the previous year, amounting to EUR 2,900 million. Excluding Fuels and lubricants, the deficit increased by EUR 212 million, amounting to EUR 2,264 million.

In the quarter ended in October 2023, exports and imports decreased by 6.4% and 10.1%, respectively, when compared with the same period in 2022 (-9.0% and -12.1%, in the same order, in the 3rd quarter of this year).