In September 2023, exports and imports of goods recorded nominal year-on-year rates of change of -8.2% and -13.0%, respectively (-7.4% and -16.1%, in the same order, in August 2023), with Industrial supplies standing out in both flows (-9.3% in exports and -14.9% in imports) and Fuels and lubricants in imports (-27.0%), in the latter case reflecting the price drop of these products on the international market (-20.8%).

Excluding Fuels and lubricants, the decreases were slightly less pronounced when compared to the total variation, i.e., -8.0% in exports and -10.5% in imports (-5.3% and -6.7%, respectively, in August 2023). 

The unit value indices (prices) recorded rates of change of -4.3% in exports and -6.9% in imports (-6.0% and -14.2%, respectively, in August 2023; in September 2022, the variations were +16.4% and +18.2%). Excluding petroleum products, there were decreases of 1.6% in exports and 4.3% in imports (-1.2% and -4.1% respectively in August 2023; in September 2022, the variations had been +14.1% and +12.6%).

As a result of the sharper decreases in imports than in exports, the trade balance deficit continues to remain below the 2022 levels, reaching EUR 2,171 billion, which represents a reduction of EUR 706 million in the deficit compared to September of the previous year. Excluding Fuels and lubricants, the deficit decreased by EUR 352 million, amounting to EUR 1,470 million.

In the 3rd quarter of 2023, exports and imports decreased by 8.7% and 12.4%, respectively, when compared with the same period in 2022, accentuating the downward trajectory that began in the previous quarter (-4.7% and -6.4%, in the same order, in the 2nd quarter of this year).