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Exports and imports both up in July

Exports and imports both up in July

Data published by the National Statistics Institute (INE), excluding fuels and lubricants, showed that exports increased by 11 percent and imports grew by 11.4 percent (against the 7.3 percent and 8.6 percent rise, respectively, in June 2018).
The deficit of goods’ trade was €32 million greater than the same month in 2017, expanding to €1.168 billion.
Excluding fuels and lubricants, the trade balance reached a negative balance of €788 million, corresponding to an increase in the €98M deficit against July 2017.
In the quarter that ended in July 2018, exports and imports of goods rose, respectively, 9.4 percent and 8.7 percent compared to 2017.
INE also said that in July 2018, considering the main destination countries in 2017 and compared to the same month in 2017, there was a growth of exports to Spain (which rose 19.2 percent) and Italy (increased by 53.7 percent).
Exports to Angola recorded, once more, the biggest decrease of 21.4 percent compared to 2017.
Regarding the main suppliers in 2017, in July 2018 the most significant year-on-year increases werein the imports from Spain and Germany (5 percent and 10.7 percent respectively).
Imports from Brazil and Russia had a decrease (of 52.3 percent and 19.2 percent, respectively), due to fuels and lubricants.