Portugal's trade deficit increased to EUR 1,615 million in December of 2018 from EUR 1,493 million in the same month of the previous year. Exports rose 7.3 percent to EUR 4,356 million, boosted by higher sales of industrial supplies nes (+5 percent); consumer goods (+2.4 percent) and transport equipment, parts and accessories (+26.8 percent). Among major trading partners, exports went up for Spain (3.9 percent); France (4.6 percent) and Germany (18.6 percent). Meanwhile, imports advanced at a faster 7.5 percent to EUR 5,972 million, mainly due to higher purchases of processed industrial supplies nes (+5.5 percent); transport equipment, parts and accessories (+22 percent) and capital goods (+9.3 percent). Imports rose from Spain (3.6 percent); Germany (13.3 percent) and France (12.5 percent). Balance of Trade in Portugal averaged -533.77 EUR Million from 1950 until 2018, 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 -800.00 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 -1400.00 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.