Portuguese exports of goods and services totalled 19.7 billion euros in January and February this year, compared with 18.9 billion euros in the first two months of 2023. This represents an increase of 781 million euros, a rate of change of 4.1 per cent compared to the same period last year. The increase in exports to the USA, Germany and the United Kingdom stands out.
According to the Banco de Portugal, imports fell by 11 million euros to 19.4 billion euros over the same period. These results led to the first surplus in the first two months of the year since 2016, totalling 297 million euros. The coverage of imports by exports stood at 101.5 per cent, an increase of 4.1 percentage points compared to the previous year.
The European Union (EU) accounted for 65.5% of total Portuguese exports of goods and services, an increase of 3.8%. Spain was the leading destination, with a 20.6% share of the total, followed by France (11.8%) and Germany (11.7%).
The United Kingdom was the primary customer outside the EU, with a share of 8.7 %, and fourth overall, followed by the USA with a share of 7.7%.
In the first two months of the year, exports to the USA increased (+325 million euro; +27.2%), followed by Germany (+274 million euro; +13.5%) and the United Kingdom (+170 million euro; +11.0%).
By type of goods and services, travel and tourism was the main export, accounting for 14.4% of the total, followed by machinery and equipment (9.8%) and vehicles and other transport equipment (9.0%).
