In February 2022, exports and imports of goods recorded nominal year-on-year growth rates of +20.3% and +42.3%, respectively (+22.6% and +38.0%, in the same order, in January 2022). Compared to February 2020, month not yet affected by the COVID-19 pandemic, the rates of change were +23.2% in exports and +26.3% in imports. The emphasis was on the increases in exports and imports of Industrial supplies (+30.8% and +44.2%; +38.8% and +47.9% compared to 2020, respectively) and in imports of Fuels and lubricants (+133.5%; +97.8% vis-à-vis 2020).
Excluding Fuels and lubricants, exports and imports grew by 17.5% and 31.6%, respectively (+19.8% and +30.4%, in the same order, in January 2022). When compared with February 2020, there were increases of 19.7% and 17.5%, in the same order.
The deficit of trade balance in goods increased by EUR 1,412 million when compared with the same month of 2021 (EUR +569 million when compared with February 2020), amounting to EUR 2,154 million in February 2022. Excluding Fuels and lubricants, the trade deficit amounted to EUR 1,276 million, increasing by EUR 807 million compared to 2021 (EUR +102 million vis-à-vis February 2020).
In the quarter ended in February 2022, exports of goods increased by 22.3% and imports grew by 38.9% when compared with the same period of 2021 (+21.0% and +36.6%, in the same order, in the quarter ended in January 2022). When compared with the quarter ended in February of 2020, exports and imports increased by 16.1% and 22.8%, respectively.
Bearing in mind the current conflict between Russia and Ukraine and the consequent requests for data that Statistics Portugal has tried to respond to, the available information on Portugal's transactions with these countries is summarised in this press release (see box). On average, between 2017 and 2021, transactions with Ukraine represented 0.1% of national exports and 0.3% of imports, and with Russia 0.3% and 1.5%, respectively. Ukraine was the main supplier of Maize (Corn) to Portugal (34.7% of national imports of this product in 2021). In EU, only the Netherlands presented a higher proportion (39.7%). The main products imported from Russia, in 2021, were Petroleum oils and oils obtained from bituminous minerals (excl. crude) (16.3%) and Natural gas, liquefeid (16.6%), proportions that are still lower than the EU average (17.5% and 33.5%, respectively). Only in imports of Oils and other products of the distillation of high temperature coal tar the proportion was the highest from all the EU countries that imported this product from Russia, reaching 91.2%, compared to 35.1% of EU average value.