Lisbon, March 12, 2025 (Lusa) - Exports and imports increased by 11.7% and 8.4% in January, respectively, in nominal terms and year-on-year, according to data released by Statistics Portugal (INE) on Wednesday.
In December 2024, exports had fallen by 2.3%, while imports had increased by 4.6%.
Excluding fuels and lubricants, there was a 13.4% increase in exports (-0.9% in December 2024) and a 9.5% increase in imports (+2.5% in December 2024).
According to INE, transactions with a view to or following orders ‘explain a large part of the increase in exports in January’, and when excluding these transactions (without transfer of ownership), exports were unchanged compared to the same period last year.
As for imports, when excluding transactions without transfer of ownership, the increase was 3.7%.
In terms of product categories, January saw a rise in exports of ‘industrial supplies’ (+42.1%), especially chemical products to Germany, whose increase ‘was essentially due to the increase in transactions for or following work for hire (without transfer of ownership), which accounted for 29.0% of all exports in this category (+27.7 percentage points year-on-year)’.
In the opposite direction, exports of ‘transport equipment’ fell by 10.8%.
In the first month of 2025, and taking into account the main destination countries for Portuguese exports in 2024, INE highlights the 91.2% increase in exports to Germany, but notes that if transactions without transfer of ownership are excluded, the increase in sales to this country was only 5.0%.
Concerning imports, January saw increases in purchases of ‘industrial supplies’ (+17.2%), mostly chemical products from Ireland, and ‘consumer goods’ (+16.4%).
‘As with exports, the increase in imports of ‘industrial supplies’ was mainly due to the increase in transactions with a view to or following work for hire (without transfer of ownership), which accounted for 15.2% of imports in this category (+12.6 % year-on-year),’ notes INE.
In January, and taking into account the main partner countries in the previous year, there was an increase in imports from Ireland (+851.2%), mostly chemical products.
Considering the quarter ending in January 2025, exports and imports increased by 2.5% and 6.1% respectively year-on-year (+4.0% and +5.9%, in the same order, in the fourth quarter of 2024).
Excluding transactions with a view to or following work for hire, exports rose by 0.2% and imports by 2.1% in the quarter to January.
According to INE, in January 2025 the unit value indices (prices) continued to register negative variations, of -0.4% in exports and -0.8% in imports (-0.7% and -0.2% respectively in December 2024; -4.0% and -6.5% in January 2024).
Excluding oil products, there were decreases of 0.1% and 0.7% in exports and imports respectively (-0.6% and +0.7% respectively in December 2024; -3.3% and -5.0% in January 2024).
In monthly terms, compared to the previous month, exports and imports increased by 25.1% and 2.0% respectively in January (-16.8% and -8.1%, in the same order, in December 2024).
INE data also shows that the trade balance deficit fell by €59 million year-on-year and by €1.251 billion compared to the previous month, reaching €1.698 billion.
However, when transactions for the purpose of or following orders are excluded, the trade deficit totalled €2.054 billion due to an increase of €290 million compared to January 2024, despite a decrease of €907 million compared to the previous month.
Fuels and lubricants accounted for 21.1% of the trade deficit in January 2025 (26.3% in December 2024; 18.5% in January 2024). Excluding the effect of these products, the deficit totalled €1.339 billion, corresponding to decreases of €94 million compared to January 2024 and €836 million compared to the previous month.
PD/ADB // ADB.
Lusa
