Export grow 25 percent in the first half of 2022

11/08/2022

Portuguese export of goods maintain steady growth in the first six months of 2022, with Spain making the largest contribution, followed by the United States, Germany, and France, to a 24,5 percent increase over 2021.

According to data from INE - National Institute of Statistics, in the first half of 2022 Portuguese exports of goods amounted to 38.903 million euros, which corresponds to an increase of 24,5 percent (7.657 million euros) compared to the first half of 2021.

In June, despite the decrease compared to May, exports reached an absolute value of 7.051 million euros, which represents an increase of 37,1 percent compared to the same period in 2021.

In the first six months of the year, exports to the European Union increased 23,4 percent, recording a share in total exports of 71,1 percent. Exports outside the European Union also recorded an increase of 27,4 percent.

Spain was the main destination of our exports and the country that contributed most to their growth, with an increase of 1,866 million euros (+22.7 percent), followed by the United States of America, Germany and France, with respective increases of 1,157 million euros (+71.4 percent), 795 million euros (+23 percent) and 725 million euros (+17.2 percent).

Spain, France and Germany remain, however, as the main destinations for Portuguese exports of goods, followed by the United States as Portugal's 4th largest customer. The United Kingdom dropped to the 6th largest customer of Portuguese goods in the period under review.

Spain was the main destination of our exports and the country that contributed most to their growth, with an increase of 1.866 million euros (+22,7 percent), followed by the United States of America, Germany and France, with respective increases of 1,157 million euros (+71,4 percent), 795 million euros (+23 percent) and 725 million euros (+17,2 percent).

Spain, France and Germany remain, however, as the main destinations for Portuguese exports of goods, followed by the United States as Portugal's 4th largest customer. The United Kingdom dropped to the 6th largest customer of Portuguese goods in the period under review.

It should be noted that in the month of June 2022, Portuguese exports to Russia and Ukraine decreased by 29,7 percent and 62,6 percent vis-à-vis the same period in 2021, respectively.

By groups of products, Machinery and Equipment was the main export of goods, with a share of 12,9 percent of the total, followed by Vehicles and Other Transport Material (12,2 percent). In the first half of the year, exports of Mineral Fuels (up 86,7 percent), Common Metals (33,9 percent), Chemicals (45,9 percent), and Agriculture (30,4 percent) increased. By product, Motor Vehicles, with 11.6 percent of the total, continue to be the most exported.

In terms of imports of goods, there was an increase of 36,6 percent in the period under review, totaling about 53 billion euros, contributing to the worsening of the Portuguese trade deficit. Spain, Germany and France remain, in that order, as the main suppliers of the country.

Source: AICEP Portugal