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Portugal August trade gap widens

Portugal August trade gap widens


LISBON: Portugal’s merchandise trade deficit for August widened from a year ago amid double-digit growth in both exports and imports, preliminary figures from Statistics Portugal showed Tuesday.

The visible trade deficit was EUR 1.32 billion, up EUR 105 million from the same month a year ago. The year-on-year growth in exports accelerated to 14.3 percent in August from 4.6 percent in July. The rate of increase in imports eased to 12.8 percent from 13 percent.

Economic categories transport equipment and fuel and lubricants were the main contributors to export growth in August, the agency said.

Excluding fuel and lubricants, the trade deficit was EUR 1.05 billion, up EUR 201 million from a year ago. Export growth surged to 12.4 percent from 5.1 percent in the previous month. Imports increased 14.7 percent after 9.6 percent gain in July.