The abstract of the Report prepared by IPDAL on Portuguese International Trade, in the fourth quarter of 2011, is now online.
PORTUGUESE INTERNATIONAL TRADE – 4TH QUARTER 2011
INSTITUTE FOR THE PROMOTION AND DEVELOPMENT OF LATIN AMERICA LISBON, 9 FEBRUARY 2012
PORTUGAL INCREASES EXPORTS AND DECREASES IMPORTS
EXTRA-COMMUNITY TRADE GAINS GROUND
The Portuguese trade balance deficit fell by around half – from 5,640 million to 2,825 million euros – between the last three months of 2010 and the same period in 2011. This is the result of an increase in goods outflows of around 12 .4% and a drop in entries of 10.5%, compared to the same period last year.
According to data provided by the National Statistics Institute, exports increased by 4.4% in December, compared to the same period in 2010, mainly thanks to trade with non-EU countries. Entries decreased by 16.9% due to the drop in trade with the European Union.
Despite the recovery compared to last year, it is worth highlighting a recent drop in the pace of exports, from November to December 2011: outputs decreased by 15.4% compared to the previous month, due to the evolution of Intra-Community Trade transactions. For the same reason, entries also fell: 8.7% fewer imports than in November.
The trend during 2011 was for an increase in trade with countries outside the European Union, and a decrease in intra-community flows.
Extra-Community Trade
Trade with countries outside the European Union saw a significant increase in exports (26.5%) and a slight increase in imports (3.9%), compared to the same period last year.
Excluding Fuels and lubricants, exports increased by 23.1% and imports fell by 12.7%, compared to the same period of the previous year. If we ignore this sector, the trade balance reached a surplus of 960.6 million euros and the coverage rate was 158.2%. When we include fuels and lubricants, the overall results show a deficit of 469 million euros, with a coverage rate of 86.8%.
In year-on-year terms, the last month of 2011 saw exports outside the community increase by 19.2%, mainly due to increases in exports of Mineral Fuels (namely Gasoline, Fuel Oil and Carboreactors), Vehicles and other transport material ( mainly passenger cars destined for the Chinese market) and base metals.
Inflows of goods grew by 6.2%, almost exclusively as a result of the growth recorded in Mineral fuels (namely crude petroleum oils and natural gas).
Intra-community trade
In December 2011, intra-community exports decreased by 1.1%, mainly due to the decreases recorded in Vehicles and other transport material. Goods arrivals registered a decrease of 22.8%, again reflecting the drop in Vehicles and other transport material.
Compared to the previous month, in December 2011, both exports and imports decreased, respectively 18.8% and 7.6%.
Major Economic Categories
Exports of Fuels and lubricants increased impressively (70.7%) compared to the same period of the previous year. The main cause is the drop in domestic consumption, which leads to the need to export these products to foreign markets.
On the export side, the increases in Food and beverage products (+16.5%), Industrial supplies (+13.3%) and Transport material and accessories (+12.9%) also stand out.
On the import side, purchases of Transport material and accessories (-27.2%) and Machinery and other capital goods (-18.4%) decreased. Conversely, the entry of Fuels and lubricants increased (+18.7%).
BIBLIOGRAPHY:
National Statistics Institute:
International Trade Statistics, 9 Feb. 2012.