In August 2023, exports and imports of goods recorded nominal year-on-year rates of change of -7.7% and -16.0%, respectively (-10.5% and -8.4%, in the same order, in July 2023). It’s worth highlighting the decrease in imports of Fuels and lubricants (-47.2%), mainly Natural gas, liquefied (-78.7%), mostly reflecting this product price reduction on the international market (-77.4%).
In exports, the emphasis was on the decrease in Industrial supplies (-15.5%, mostly Cellulose pulp and paper and Chemical products) and Fuels and lubricants (-26.4%).
Excluding Fuels and lubricants, there was a decrease of 5.3% in exports and of 6.5% in imports (-6.9% and -0.1%, respectively, in July 2023).
The unit value indices (prices) registered rates of change of -6.0% in exports and -14.2% in imports (-4.2% and -9.1%, respectively, in July 2023; in August 2022, the rates of change had been +18.6% and +28.1%), mainly reflecting adjustments in the prices of petroleum products, given that excluding these products there were decreases of 1.2% in exports and 4.1% in imports (-0.3% and -3.4%, respectively, in July 2023; in August 2022, the rates of change had been +13.6% and +12.9%).
The deficit of the trade balance decreased by EUR 1,022 million when compared to August 2022, amounting to EUR 2,400 million. Excluding Fuels and lubricants, the deficit decreased by EUR 189 million, amounting to EUR 1,763 million.
In the quarter ended in August 2023, exports and imports decreased by 7.0% and 10.7%, respectively, when compared with the same period in 2022 (-6.8% and -6.9%, in the same order, in the quarter ended in July of 2023).
In addition to the usual monthly results, this press release publishes the annual unit value indices for 2022, which show increases of 16.6% in export prices and 20.4% in imports, resulting in a loss in the terms of trade. These variations were largely influenced by the prices of petroleum products, with the imports of Crude petroleum and natural gas standing out, with price variations of +96.8% and volume variations of +5.6%.