Portugal's trade deficit widened to EUR 1.802 billion in April 2019 from EUR 1.287 billion in the same month of the previous year, as imports jumped 10.9 percent to EUR 6.801 billion mainly boosted by purchases of transport equipment (24.7 percent), machinery and other capital goods (18.5 percent), and fuels and lubricants (19.1 percent) following the dangerous goods drivers' strike. Among major trade partners, imports rose from Germany (20.6 percent), Spain (7.4 percent) and the US (245.0 percent). Meanwhile, exports increased at a slower 3.2 percent to EUR 4.999 billion, led by sales of transport equipment (11.6 percent) and industrial supplies (6.7 percent), while exports of fuels and lubricants dropped 14.9 percent. Exports grew to the Netherlands (28.4 percent) and Italy (23.8 percent), but fell to Angola (-16.3 percent) and France (-2.0 percent). Balance of Trade in Portugal averaged -539.44 EUR Million from 1950 until 2019, reaching an all time high of 3.55 EUR Million in May of 1955 and a record low of -2524.87 EUR Million in June of 2010.
Balance of Trade in Portugal is expected to be -940.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Portugal to stand at -880.00 in 12 months time. In the long-term, the Portugal Balance of Trade is projected to trend around -1440.00 EUR Million in 2020, according to our econometric models.