The Portuguese trade balance worsened in July. According to Statistics Portugal (INE), imports increased 12.8% that month, surpassing the growth of exports. The increase in imports is almost three times as much as the growth of exports, which caused Portugal’s trade balance deficit to rocket.
“The deficit of trade balance amounted to EUR 1,057 million in July 2017, increasing by EUR 446 million when compared with July 2016″, INE explains. This worsening is mainly a result of an increase in imports. Although exports did have a 4.6% increase in July, the growth in imports was quite larger, reaching a 12.8% year on year growth. In the previous month, exports of goods had grown 6.7%, while imports accelerated 6.6%.
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