Portugal Trade Deficit Widens As Imports Surge

Portugal’s merchandise trade deficit widened in October, as exports growth was outpaced by a surge in imports, preliminary data from Statistics Portugal showed Monday.

Trade deficit grew to EUR 1.536 billion from EUR 923 million a year ago and EUR 1.21 billion in September.

Exports rose 11.8 percent year-on-year and 4.4 percent from the previous month. Imports jumped 21.4 percent from a year ago and 9 percent month-on-month.

Imports annual growth was the strongest since May, when the rose at the same pace. The agency attributed the latest surge to a 16.9 percent growth in intra-EU imports.

Imports of industrial supplies soared 22.8 percent and those of fuels and lubricants jumped 33.6 percent.
Source: RTT News