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Financial News: Portugal Trade Deficit Narrows In March

Portugal Trade Deficit Narrows In March

05/08/2020 - 07:51:00 (RTTNews)

(RTTNews) - Portugal's foreign trade narrowed in March from a year ago amid declines in both exports and imports, figures from Statistics Portugal showed on Friday.

The trade deficit fell to EUR 1.586 billion in March from EUR 1.737 billion in the same month last year. In February, the deficit was EUR 1.559 billion.

Exports fell 13.0 percent year-on-year in March, after a 0.8 percent increase in February.

Imports declined 11.9 percent annually in March, after a 3.5 percent rise in the previous month.

On a month-on-month basis, exports decreased 8 and imports fell 5.7 percent.

The foreign trade data for March partially reflects the impact of the coronavirus, or Covid-19, pandemic, the statistical office said.

Excluding fuels and lubricants, exports and imports fell by 13.3 percent and 12.9 percent year-on-year, respectively, in March.

In the first quarter, exports and imports fell by 3.0 percent and 4.0 percent, respectively.

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