January exports up 2.3% on year, imports up 9.3%

Page created: Wednesday, 12 March 2014 18:01 GMT

Exports  Imports  INE

Portugal’s exports in January were up 2.3% from the same month of last year while imports were up 9.3%, figures released by the National Statistics Institute (INE) on Wednesday show.

In the three months to January, exports were up 5.8% on the year and imports up 4.8%. Exports covered 83.2% of imports in the period, up 0.9 of a percentage point on the same period a year earlier.

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According to the INE, the small increase in exports in January was wholly thanks to trade with other European Union countries – mainly fossil fuels and clothing – while exports to non-EU markets were down on the year.

The increase in imports was also above all due to intra-EU trade, embracing products in many different sectors.
The recent stronger-than-expected recovery in Portugal’s economy has been driven above all by exports, as investment has stagnated and domestic consumption only haltingly increased.

In a separate report, the INE said consumer prices in February fell 0.3%, for a year-on-year inflation rate of 0.1%, down 0.2 of a point from January.

Meanwhile, the EU’s statistics arm, Eurostat, released a report that showed Portugal’s industrial production up 0.1% in January from December and up 4.6% on the same month in 2013 – the fifth largest year-on-year increase in the EU.