In May 2023, exports and imports of goods recorded nominal year-on-year rates of change of -6.9% and -4.1%, respectively (-3.3% and -6.0%, in the same order, in April 2023). 

The decreases in exports of Industrial supplies (-25.1%), especially pharmaceutical products, and in imports of Fuels and lubricants (-41.3%) are noteworthy, in the latter case reflecting the fall in the price of these products in international markets, and also a base effect, as in May 2022 the introduction in the market of the Natural gas previously subjected to the customs warehousing procedure had occurred, with a view to the closure of the warehouse in Sines, which resulted in a significant increase in imports of this product. 

Excluding Fuels and lubricants, there was a 4.4% decrease in exports and a 3.8% increase in imports (-1.4% and +1.1%, respectively, in April 2023). 

The unit value indices (prices) registered rates of change of -2.3% in exports and -6.5% in imports (+0.7% and -5.0%, respectively, in April 2023; in May 2022 the variations had been +18.2% and +24.8%). Excluding petroleum products, rates of change were +2.3% in exports and -2.6% in imports (+3.2% and -1.6%, respectively, in April 2023; in May 2022 the variations had been +13.6% and +16.3%).

The deficit of the trade balance increased by EUR 109 million when compared to May 2022, amounting to EUR 2,526 million. Excluding Fuels and lubricants, the deficit increased by EUR 610 million, amounting to EUR 1,954 million.

In the quarter ended in May 2023, exports increased by 2.5% and imports decreased by 0.3% when compared to the same period in 2022 (+7.6% and +3.4%, in the same order, in the quarter ended in April 2023).