Portugal: Growth of imports increases balance of trade deficit

11 November 2008

Lisbon, Portugal, 11 Nov – Portugal’s imports from countries outside the European Union (EU) rose 23.1 percent and exports rose by 21.3 percent in the third quarter, increasing the country’s balance of trade deficit, the National Statistics Institute (INE) said Monday in Lisbon.

Fuel imports were the main factor driving the rise in the trade deficit, INE said in its Extra-Community Trade Statistics published Monday.

Exports increased 21.3 percent to 2.683 billion euros against 2.213 billion euros in the third quarter of 2007.

Imports rose 23.1 percent, from 3.563 billion euros in the third quarter of 2007 to 4.387 billion euros in the same period of this year.

Not taking into consideration fuels and lubricants, exports rose 24.5 percent to 2.35 billion euros and imports rose 6 percent to 2.154 billion euros.

INE said that the balance of trade, excluding fuels and lubricants, posted a surplus of 196 million euros, but with fuels and lubricants included it posted a deficit of 1.703 billion euros. (macauhub)