Portugal's trade deficit rose to EUR 1,504 million in February 2019 from EUR 999 million a year ago. Imports climbed 12.8% to EUR 6,325 million, boosted by transport equipment (19.3%), including other transport equipment (mainly airplanes and parts) (34.2%); industrial supplies (10.6%), namely processed goods such as base metals and chemical products (10.4%); and capital goods (15.5%). Among major trading partners, imports advanced from Spain (9.1%), Germany (17.1%), France (2.9%), the Netherlands (14.7%), Italy (2.2%), China (47.2%) and Belgium (17.7%). Exports rose 4.6% to EUR 4,821 million, driven by transport equipment (14.1%), essentially passenger vehicles (27.2%); industrial supplies (6%) and consumer goods (5.9%). However, shipments declined for fuels & lubricants (-32.6%), partly justified by the maintenance works in the national refineries. Among major trading partners, exports went up mostly to Italy (30%), Germany (4.9%), the UK (3.4%) and the US (6.6%). Balance of Trade in Portugal averaged -536.59 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.