9 December 2022

INTERNATIONAL TRADE
October 2022

EXPORTS AND IMPORTS INCREASED BY 21.1% AND 26.2% IN NOMINAL TERMS

In October 2022, exports and imports of goods recorded nominal year-on-year growth rates of +21.1% and +26.2%,
respectively (+25.0% and +30.4%, in the same order, in September 2022), with the emphasis on the increases in
exports and imports of Capital goods and parts thereof (+43.6% and +34.0%, respectively) and Industrial supplies
(+14.0% and +19.1%, in the same order).
Excluding Fuels and lubricants, exports and imports increased by 19.4% and 25.2%, respectively (+24.1% and
+27.1%, in the same order, in September 2022).
The unit value indices (prices) registered year-on-year growth rates of +14.5% in exports and +14.2% in imports.
Excluding petroleum products, the year-on-year growth rates were +12.6% and +10.5%, respectively.
The deficit of trade balance worsened by EUR 814 million compared to October 2021, amounting to EUR 2,833
million. Excluding Fuels and lubricants, the total deficit amounted to EUR 1,983 million, increasing by EUR 644
million compared to October 2021.
In the quarter ended in October 2022, exports grew by 25.5% and imports increased by 34.7%, compared to the
same period of 2021 (+28.0% and +36.7%, respectively, in the 3rd quarter of 2022).
In the period from January to October 2022, imports from Brazil practically doubled compared to the same period
of 2021, with this country becoming the 7th main supplier of goods to Portugal, and the 2nd largest Extra-EU supplier,
only surpassed by China. Large part of this increase resulted from the import of Mineral fuels, which grew by 84.5%,
essentially due to Petroleum oils and oils obtained from bituminous minerals, crude (see box in this press release).

INTERNATIONAL TRADE – October 2022

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Global Results

In October 2022, exports and imports of goods registered nominal year-on-year growth rates of +21.1% and +26.2%,
respectively (+25.0% and +30.4%, in the same order, in September 2022), with the emphasis on the increase in
exports and imports of Capital goods and parts thereof (+43.6% and +34.0%, respectively) and Industrial supplies
(+14.0% and +19.1%, in the same order).
Excluding Fuels and lubricants, in October 2022, exports increased by 19.4% and imports by 25.2% year-on-year
(+24.1% and +27.1% in September 2022, respectively).
The unit value indices (prices) registered year-on-year growth rates of +14.5% in exports and +14.2% in imports.
Excluding petroleum products, the year-on-year growth rates were +12.6% and +10.5%, respectively.

In October 2022, when compared with the previous month, exports and imports decreased by 1.8% and 0.4%
respectively (+19.5% and +4.6% in September 2022, in the same order).
In the quarter that ended in October of 2022, exports increased by 25.5% and imports grew by 34.7%, respectively,
compared to the same period of 2021 (+28.0% and +36.7%, in the same order, in the 3rd quarter of 2022).

INTERNATIONAL TRADE – October 2022

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 Table 1. International Trade Monthly Data
Exports

TOTAL
TOTAL TOTAL EXCLUDING FUELS AND LUBRICANTS
QUARTER ENDED IN:

YEAR MONTH
GROWTH RATE (%) GROWTH RATE (%) GROWTH RATE (%)
€ Million € Million
Month-to- Month-to-
Year-on-year Year-on-year Year-on-year
month month

OCTOBER 5,449 -2.2 8.7 5,256 -1.3 9.0 -1.3

2020

NOVEMBER 5,195 -0.5 -4.7 4,995 2.6 -5.0 -0.8

DECEMBER 4,255 -7.2 -18.1 4,010 -3.2 -19.7 -3.1
TOTAL 63,619 18.3 60,058 16.9
JANUARY 4,616 -10.1 8.5 4,365 -7.5 8.8 -5.8
FEBRUARY 4,987 2.6 8.1 4,657 2.0 6.7 -5.0
MARCH 5,848 30.2 17.3 5,513 29.4 18.4 6.7
APRIL 5,341 82.9 -8.7 5,064 82.6 -8.1 31.8
MAY 5,311 55.0 -0.6 5,037 49.1 -0.5 52.2
2021

JUNE 5,144 21.3 -3.1 4,854 17.6 -3.6 49.2

JULY 5,580 10.9 8.5 5,293 7.8 9.0 26.3
AUGUST 4,358 16.4 -21.9 4,016 12.7 -24.1 15.9
SEPTEMBER 5,492 9.6 26.0 5,163 7.1 28.6 11.9
OCTOBER 5,568 2.2 1.4 5,266 0.2 2.0 8.6
NOVEMBER 6,060 16.7 8.8 5,821 16.5 10.5 9.4
DECEMBER 5,314 24.9 -12.3 5,009 24.9 -13.9 13.7

JANUARY 5,612 21.6 5.6 5,189 18.9 3.6 20.8

FEBRUARY 5,961 19.5 6.2 5,436 16.7 4.8 21.9
MARCH 6,606 13.0 10.8 6,155 11.6 13.2 17.7
APRIL 6,197 16.0 -6.2 5,662 11.8 -8.0 16.0
2022

MAY 7,463 40.5 20.4 6,792 34.8 20.0 22.8

JUNE 7,054 37.2 -5.5 6,303 29.8 -7.2 31.1
JULY 7,138 27.9 1.2 6,496 22.7 3.1 35.1
AUGUST 5,747 31.9 -19.5 5,078 26.4 -21.8 32.2
SEPTEMBER 6,865 25.0 19.5 6,407 24.1 26.2 28.0
OCTOBER 6,743 21.1 -1.8 6,289 19.4 -1.8 25.5

Figure 1. International Trade Monthly Data

Year-on-year growth rate in Exports

TOTAL
TOTAL EXCLUDING FUELS AND LUBRICANTS

85%
70%
55%
40%
25%
10%
-5%
-20%
-35%
-50%
-65%
-80%
OCT

OCT
AUG

OCT

AUG
JAN

JAN
NOV

SEP
DEC

FEB

MAY
JUN
JUL

NOV
DEC

FEB

JUN
JUL

SEP
MAY
APR

APR
MAR

MAR

2020 2021 2022

INTERNATIONAL TRADE – October 2022

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 Figure 2. International Trade Monthly Data
Growth of monthly value in Exports

EUR million
2019 2020 2021 2022

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Table 2. International Trade Monthly Data

Imports

TOTAL
TOTAL TOTAL EXCLUDING FUELS AND LUBRICANTS
QUARTER ENDED IN:

YEAR MONTH
GROWTH RATE (%) GROWTH RATE (%) GROWTH RATE (%)
€ Million € Million
Month-to- Month-to-
Year-on-year Year-on-year Year-on-year
month month

OCTOBER 6,463 -11.1 4.7 5,974 -8.4 5.2 -9.2

2020

NOVEMBER 6,130 -11.5 -5.2 5,765 -7.8 -3.5 -10.3

DECEMBER 5,704 -5.2 -7.0 5,259 -1.6 -8.8 -9.5
TOTAL 83,146 22.0 73,878 18.6
JANUARY 5,548 -17.0 -2.7 5,060 -12.4 -3.8 -11.4
FEBRUARY 5,778 -10.4 4.1 5,177 -9.8 2.3 -11.0
MARCH 7,056 14.9 22.1 6,450 17.8 24.6 -4.6
APRIL 6,858 69.8 -2.8 6,208 70.4 -3.8 18.4
MAY 6,791 56.7 -1.0 6,068 46.2 -2.3 42.7
2021

JUNE 6,762 31.1 -0.4 6,138 26.2 1.2 50.9

JULY 7,133 21.7 5.5 6,305 15.7 2.7 34.7
AUGUST 6,111 21.8 -14.3 5,274 16.2 -16.3 24.7
SEPTEMBER 7,370 19.5 20.6 6,367 12.1 20.7 20.9
OCTOBER 7,587 17.4 2.9 6,605 10.6 3.7 19.4
NOVEMBER 8,295 35.3 9.3 7,303 26.7 10.6 23.9
DECEMBER 7,857 37.8 -5.3 6,922 31.6 -5.2 29.7

JANUARY 7,603 37.0 -3.2 6,549 29.4 -5.4 36.7

FEBRUARY 8,198 41.9 7.8 6,793 31.2 3.7 38.9
MARCH 9,082 28.7 10.8 7,672 18.9 12.9 35.4
APRIL 8,711 27.0 -4.1 7,229 16.4 -5.8 32.0
2022

MAY 9,879 45.5 13.4 8,136 34.1 12.5 33.7

JUNE 9,661 42.9 -2.2 7,677 25.1 -5.6 38.4
JULY 9,383 31.5 -2.9 7,747 22.9 0.9 39.8
AUGUST 9,192 50.4 -2.0 7,052 33.7 -9.0 41.1
SEPTEMBER 9,612 30.4 4.6 8,096 27.1 14.8 36.7
OCTOBER 9,576 26.2 -0.4 8,272 25.2 2.2 34.7

INTERNATIONAL TRADE – October 2022

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 Figure 3. International Trade Monthly Data
Year-on-year growth rate in Imports

TOTAL
TOTAL EXCLUDING FUELS AND LUBRICANTS

85%
70%
55%
40%
25%
10%
-5%
-20%
-35%
-50%
-65%
-80%
OCT

AUG

OCT

AUG

OCT
DEC
JAN
FEB

DEC
JAN
NOV

JUL

SEP

FEB
NOV

JUN
JUL

SEP
MAR
APR

JUN

MAR
APR
MAY

MAY
2020 2021 2022

Figure 4. International Trade Monthly Data

Growth of monthly value in Imports

EUR million 2019 2020 2021 2022

10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

In October 2022, the deficit of the trade balance amounted to EUR 2,833 million, representing increases of EUR 814
million vis-à-vis the same month of 2021 and EUR 86 million in comparison with the previous month.
Excluding Fuels and lubricants, in October 2022, the trade balance amounted to EUR -1,983 million, corresponding
to an increase of EUR 644 million in the trade deficit vis-à-vis October 2021.

INTERNATIONAL TRADE – October 2022

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 Table 3. Trade Balance
TOTAL
TOTAL TOTAL EXCLUDING FUELS AND LUBRICANTS
QUARTER ENDED IN:

YEAR MONTH
GROWTH (106 Eur) GROWTH (106 Eur) GROWTH (106 Eur)
€ Million € Million
Month-to- Month-to-
Year-on-year Year-on-year Year-on-year
month month

OCTOBER -1,014 685 145 -718 480 142 1,604

2020

NOVEMBER -935 773 79 -770 616 -53 2,030

DECEMBER -1,449 -20 -513 -1,250 -46 -479 1,438
TOTAL -19,527 -5,139 -13,819 -2,883
JANUARY -933 617 516 -695 361 554 1,371
FEBRUARY -790 795 142 -520 654 175 1,393
MARCH -1,208 438 -417 -938 277 -418 1,851
APRIL -1,517 -397 -309 -1,144 -274 -206 837
MAY -1,480 -574 37 -1,031 -259 113 -532
2021

JUNE -1,619 -702 -139 -1,284 -548 -253 -1,672

JULY -1,554 -723 65 -1,012 -471 272 -1,998
AUGUST -1,753 -477 -199 -1,258 -283 -246 -1,902
SEPTEMBER -1,879 -720 -126 -1,204 -344 54 -1,920
OCTOBER -2,019 -1,005 -140 -1,340 -622 -136 -2,202
NOVEMBER -2,235 -1,300 -216 -1,482 -712 -142 -3,024
DECEMBER -2,542 -1,094 -307 -1,913 -663 -431 -3,398

JANUARY -1,991 -1,058 552 -1,361 -666 552 -3,451

FEBRUARY -2,238 -1,447 -247 -1,358 -838 3 -3,599
MARCH -2,476 -1,269 -239 -1,517 -579 -159 -3,774
APRIL -2,514 -997 -38 -1,568 -424 -51 -3,713
2022

MAY -2,416 -936 98 -1,344 -313 224 -3,202

JUNE -2,607 -988 -190 -1,374 -90 -30 -2,921
JULY -2,245 -692 361 -1,251 -238 124 -2,615
AUGUST -3,445 -1,692 -1,200 -1,974 -716 -723 -3,371
SEPTEMBER -2,747 -869 698 -1,688 -485 285 -3,252
OCTOBER -2,833 -814 -86 -1,983 -644 -295 -3,375

Figure 5. Trade Balance Figure 6. Trade Balance excluding Fuels and Lubricants
Accumulated values Accumulated values
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022

€ Million € Million
JAN-MAR

JAN-MAR
JAN-MAY

JAN-MAY
JAN-NOV

JAN-NOV
JAN-AUG

JAN-AUG
JAN-OCT

JAN-OCT
JAN-APR

JAN-DEC

JAN-APR

JAN-DEC
JAN-JUN

JAN-JUN
JAN-FEB

JAN-FEB
JAN-SEP

JAN-SEP
JAN-JUL

JAN-JUL
JAN

JAN

0 0
-2 000 -2 000
-4 000 -4 000
-6 000 -6 000
-8 000 -8 000
-10 000 -10 000
-12 000 -12 000
-14 000 -14 000
-16 000 -16 000
-18 000 -18 000
-20 000 -20 000
-22 000 -22 000
-24 000 -24 000
-26 000 -26 000

INTERNATIONAL TRADE – October 2022

6/20
Broad Economic Categories

In October 2022, concerning exports, compared to the same month in 2021, the emphasis is on the growth in exports
of Capital goods and parts thereof (+43.6%) and Industrial supplies (+14.0%), mainly to Spain.

Table 4. Monthly Data by BEC - Exports

REFERENCE MONTH QUARTER ENDED IN:
GROWTH GROWTH
€ Million € Million
BROAD ECONOMIC CATEGORIES RATE RATE

OCT 2022 OCT 2021 GROWTH % OCT 2022 OCT 2021 GROWTH %

FOOD AND BEVERAGES 756 657 99 15.0 2,281 1,862 419 22.5
PRIMARY 246 223Ə 23 10.5 747 634 Ə 113 17.9
PROCESSED 510 434Ə 75 17.3 1,534 1,229 Ə 306 24.9
INDUSTRIAL SUPPLIES NOT ELSEWHERE SPECIFIED 2,162 1,896 266 14.0 6,318 5,307 1,011 19.0
PRIMARY 157 170Ə -13 -7.5 522 473 Ə 49 10.3
PROCESSED 2,005 1,726Ə 279 16.2 5,796 4,834 Ə 962 19.9
FUELS AND LUBRICANTS 455 302 152 50.3 1,580 972 608 62.5
PRIMARY 2 6Ə -4 -68.0 38 60 Ə -21 -35.7
PROCESSED 452 296Ə 157 52.9 1,542 913 Ə 629 68.9
CAPITAL GOODS, AND PARTS AND ACCESSORIES THEREOF (1) 1,058 737 321 43.6 2,910 2,104 806 38.3
CAPITAL GOODS (1) 631 460Ə 171 37.2 1,731 1,322 Ə 409 31.0
PARTS AND ACCESSORIES 427 277Ə 150 54.3 1,178 782 Ə 397 50.7
TRANSPORT EQUIPMENT AND PARTS AND ACCESSORIES THEREOF 1,144 928 216 23.3 2,968 2,282 686 30.1
PASSENGER MOTOR CARS 375 296Ə 79 26.8 795 597 Ə 199 33.3
OTHER 168 155Ə 13 8.2 488 393 Ə 95 24.2
PARTS AND ACCESSORIES 601 477Ə 124 26.0 1,684 1,292 Ə 392 30.3
CONSUMER GOODS NOT ELSEWHERE SPECIFIED 1,164 1,039 125 12.1 3,286 2,876 409 14.2
DURABLE 162 143Ə 19 13.3 439 392 Ə 47 11.9
SEMI-DURABLE 613 570Ə 43 7.5 1,784 1,569 Ə 215 13.7
NON-DURABLE 389 326Ə 64 19.5 1,062 915 Ə 147 16.1
GOODS NOT ELSEWHERE SPECIFIED 4 9 -5 -55.8 11 14 -2 -16.8
(1) - EXCEPT TRANSPORT EQUIPMENT

INTERNATIONAL TRADE – October 2022

7/20
When considering imports, in October 2022, when compared with the same month of 2021, the emphasis is on the
increases in Industrial supplies (+19.1%), mostly from Ireland and Spain, and Capital goods and parts thereof (+34.0%)
mainly from China.

Table 5. Monthly Data by BEC - Imports

REFERENCE MONTH QUARTER ENDED IN:
GROWTH GROWTH
€ Million € Million
BROAD ECONOMIC CATEGORIES RATE RATE

OCT 2022 OCT 2021 GROWTH % OCT 2022 OCT 2021 GROWTH %

FOOD AND BEVERAGES 1,217 939 277 29.5 3,525 2,662 863 32.4
PRIMARY 531 407 124 30.4 1,440 1,110 330 29.7
PROCESSED 686 532 154 28.9 2,085 1,551 533 34.4
INDUSTRIAL SUPPLIES NOT ELSEWHERE SPECIFIED 2,989 2,509 480 19.1 8,225 6,861 1,363 19.9
PRIMARY 275 181 94 52.1 796 546 250 45.8
PROCESSED 2,714 2,328 385 16.6 7,429 6,316 1,113 17.6
FUELS AND LUBRICANTS 1,304 981 323 32.9 4,960 2,821 2,139 75.8
PRIMARY 529 309 220 71.1 1,994 1,202 792 65.9
PROCESSED 775 672 103 15.3 2,966 1,619 1,346 83.1
CAPITAL GOODS, AND PARTS AND ACCESSORIES THEREOF (1) 1,593 1,189 404 34.0 4,636 3,441 1,194 34.7
CAPITAL GOODS (1) 845 685 159 23.2 2,389 1,938 451 23.3
PARTS AND ACCESSORIES 749 504 245 48.6 2,247 1,504 743 49.4
TRANSPORT EQUIPMENT AND PARTS AND ACCESSORIES THEREOF 1,147 858 288 33.6 3,193 2,218 976 44.0
PASSENGER MOTOR CARS 445 261 184 70.5 1,211 721 490 67.9
OTHER 111 170 -59 -34.6 381 438 -58 -13.1
PARTS AND ACCESSORIES 591 428 163 38.1 1,601 1,058 543 51.4
CONSUMER GOODS NOT ELSEWHERE SPECIFIED 1,326 1,099 227 20.6 3,839 3,053 786 25.8
DURABLE 226 202 24 11.8 629 555 74 13.3
SEMI-DURABLE 535 432 103 23.8 1,639 1,234 405 32.8
NON-DURABLE 565 465 100 21.5 1,571 1,264 307 24.3
GOODS NOT ELSEWHERE SPECIFIED 1 10 -9 -94.4 2 11 -9 -84.0
(1) - EXCEPT TRANSPORT EQUIPMENT

INTERNATIONAL TRADE – October 2022

8/20
Main Partner Countries/Suppliers
In October 2022, when considering the main partner countries in 2021, the increase in transactions with Spain should
be noted: +20.8% in exports, mainly Capital goods and parts thereof, and +25.9% in imports, mainly Industrial
supplies.

Table 6. Monthly Data by Countries and Economic Zones

Exports
REFERENCE MONTH QUARTER ENDED IN:
GROWTH GROWTH
€ Million € Million
COUNTRIES AND ECONOMIC ZONES RATE RATE

OCT 2022 OCT 2021 GROWTH % OCT 2022 OCT 2021 GROWTH %

MAIN PARTNER COUNTRIES IN 2021:

ES SPAIN 1,784 1,477 307 20.8 5,149 4,114 1,035 25.2
FR FRANCE 863 742 121 16.3 2,331 1,940 391 20.1
DE GERMANY 753 617 136 22.1 2,119 1,669 449 26.9
US UNITED STATES 379 317 62 19.7 1,162 999 163 16.3
GB UNITED KINGDOM 356 313 43 13.7 987 831 156 18.8
IT ITALY 277 257 20 7.6 758 643 115 17.9
NL NETHERLANDS 251 217 34 15.7 755 584 171 29.3
BE BELGIUM 166 131 35 26.9 476 376 100 26.7
AO ANGOLA 132 94 38 40.1 397 247 150 60.5
PL POLAND 100 84 17 20.0 260 222 37 16.8
TOTAL EURO ZONE 4,386 3,677 709 19.3 12,524 9,937 2,587 26.0
TOTAL EUROPEAN UNION (27 MEMBERS STATES) 4,758 3,987 770 19.3 13,522 10,790 2,732 25.3
TOTAL EUROPEAN UNION (28 MEMBERS STATES) 5,113 4,300 813 18.9 14,509 11,621 2,888 24.8
TOTAL EXTRA-EU (27 MEMBERS STATES) 1,985 1,581 405 25.6 5,833 4,627 1,205 26.0
TOTAL EXTRA-EU (28 MEMBERS STATES) 1,630 1,268 362 28.6 4,846 3,796 1,049 27.6

Table 7. Monthly Data by Countries and Economic Zones

Imports
REFERENCE MONTH QUARTER ENDED IN:
GROWTH GROWTH
€ Million € Million
COUNTRIES AND ECONOMIC ZONES RATE RATE

OCT 2022 OCT 2021 GROWTH % OCT 2022 OCT 2021 GROWTH %

MAIN PARTNER COUNTRIES IN 2021:

ES SPAIN 3,236 2,570 666 25.9 9,109 6,969 2,140 30.7
DE GERMANY 1,093 820 273 33.2 3,081 2,391 690 28.9
FR FRANCE 618 492 125 25.5 1,709 1,366 343 25.1
NL NETHERLANDS 466 371 95 25.7 1,409 1,102 308 27.9
IT ITALY 444 398 46 11.6 1,191 1,049 143 13.6
CN CHINA 509 345 164 47.7 1,637 1,037 600 57.9
BE BELGIUM 262 261 1 0.6 794 678 116 17.1
BR BRAZIL 313 206 107 52.0 1,118 647 472 73.0
US UNITED STATES 182 240 -58 -24.1 820 567 252 44.5
PL POLAND 189 119 70 59.2 494 328 166 50.6
TOTAL EURO ZONE 6,510 5,083 1427 28.1 18,132 14,021 4,111 29.3
TOTAL EUROPEAN UNION (27 MEMBERS STATES) 7,038 5,480 1,558 28.4 19,515 15,021 4,494 29.9
TOTAL EUROPEAN UNION (28 MEMBERS STATES) 7,160 5,554 1607 28.9 19,834 15,305 4,529 29.6
TOTAL EXTRA-EU (27 MEMBERS STATES) 2,538 2,107 432 20.5 8,865 6,047 2,818 46.6
TOTAL EXTRA-EU (28 MEMBERS STATES) 2,416 2,033 383 18.8 8,546 5,763 2,783 48.3

INTERNATIONAL TRADE – October 2022

9/20
 International Trade in Goods with Brazil
In the period from January to October 2022, imports from Brazil practically doubled compared to the same period
of 2021, with this country becoming the 7th main supplier of goods to Portugal, and the 2nd largest
Extra-EU supplier, only surpassed by China.
The improvement of the position of Brazil in the ranking of the main suppliers of goods to Portugal has been
occurring since 2020, reaching weights of 2.4% (9th position) in 2020 and 3.1% (8th position) in 2021.

Figure 7. International Trade in Goods – Imports – Brazil

Evolution of the weight and ranking, 2013-2021 (Jan-Dec), 2022 (Jan-Oct)

Weight Ranking

5% 12
7th
10
4%

8
8th
3%

9th 6

2% 10th 10th
12th 11th 11th 11th 4
12th

1%
2

0% 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

In the period from January to October 2022, imports from Brazil increased by 90.5% compared to the same period
of the previous year, reaching EUR 4,020 million, representing 4.4% of the total. Between 2013 and 2021, annual
imports from Brazil reached values between EUR 832 million and EUR 2,549 million, respectively. Since 2020,
year-on-year rates of change in imports from Brazil have been more significant than those observed in total
imports.

INTERNATIONAL TRADE – October 2022

10/20
 Figure 8. International Trade in Goods – Imports – Brazil
Evolution of the value and year-on-year rates of change, 2013-2021 (Jan-Dec), 2022 (Jan-Oct)
Imports - Brazil (Jan-Oct) Imports - Brazil (Nov-Dec)

Year-on-year growth Year-on-year growth

rate - Imports Brazil rate - Total Imports
EUR Million
4,800 120%

4,000 90.5% 100%

3,200 80%

2,400 60%

1,600 35.7% 40%

800 20%

0 0%

-20%

-40%

-60%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Between January and October 2022, Mineral fuels remained the most imported group of products from Brazil,
reaching a weight of 60.3% (-2.0 p.p. compared to the same period of 2021) and presented the largest increase
compared to the same period of 2021 (EUR +1,110 million, corresponding to +84.5%), due to Petroleum oils and
oils obtained from bituminous minerals, crude.
Agricultural products continued to be the 2nd most imported group, with a weight of 19.5% (-2.0 p.p. than in the
same period of 2021). This group recorded the second largest increase (EUR +329 million; +72.4%), mainly due
to Maize (corn).
Base metals went from the 4th main imported group between January and October 2021 to 3rd in the same period
of 2022, with a weight of 7.1%, surpassing Wood and cork (4.6%). Vehicles and other transport equipment
followed, in the 5th position, with a weight of 2.0%. It is noteworthy the change in the position of this last group
of products compared to the same period of 2021, in which it recorded a weight of only 0.4%, occupying the 11th
position of the ranking, which was mostly due to Airplanes and other powered aircraft.

INTERNATIONAL TRADE – October 2022

11/20
 Figure 9. International Trade in Goods – Imports – Brazil
Weight of the main groups of products, 2021-2022 (Jan-Oct)

2021 Vehicles and 2022

Food products; other transport
2.6% Others; 6.0% Others; 6.6%
equipment; 2.0%
Base metals; Wood and cork;
3.4% 4.6%
Wood and cork;
4.2% Base metals; 7.1%

Agricultural
products; 21.5% Mineral fuels;
Agricultural 60.3%
Mineral fuels;
62.3% products; 19.5%

In the period from January to October 2022, exports to Brazil grew by 27.7% and reached EUR 759 million,
corresponding to 1.2% of the total national exports, which placed this country in the 13th position in the ranking
of the client countries of Portugal.

Figure 10. International Trade in Goods – Exports – Brazil

Evolution of the weight and ranking, 2013-2021 (Jan-Dec), 2022 (Jan-Oct)

Weight Ranking

4% 13

11

3%
9

7
2%
10th
10th 5
11th 10th 11th 11th
12th 13th 13th 13th
3
1%

0% -1
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Between 2013 and 2021, the highest annual value of exports to Brazil was registered in 2017 (EUR 944 million)
and the lowest in 2016 (EUR 539 million).

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 Figure 11. International Trade in Goods – Exports – Brazil
Evolution of the value and year-on-year rates of change, 2013-2021 (Jan-Dec), 2022 (Jan-Oct)
Exports - Brazil (Jan-Oct) Exports - Brazil (Nov-Dec)

Year-on-year growth Year-on-year growth

rate - Exports Brazil rate - Total Exports
EUR Million
1,200 80%
1,050 70%
900 60%
750 50%
600 40%
450 27.7% 30%
300 25.2% 20%
150 10%
0 0%
-10%
-20%
-30%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

In the period from January to October 2022, Agricultural products continued to be the most exported group to
Brazil, reaching a weight of 45.6% (+0.2 p.p. than in the same period of the previous year) and recorded the
largest increase (EUR +76 million; +28.1%), mostly due to Olive oil.
Vehicles and other transport equipment became the 2nd main exported group, with a weight of 14.2% (+3.5 p.p.
compared to the same period of 2021), and surpassing Food products (weight of 9.7%, -2.6 p.p.). Machinery and
mechanical appliances followed (7.9%), maintaining their position, and Mineral fuels (4.7%) which rose from the
9th to the 5th position. Base metals fell from 5th main exported group to 7th in the period from January to October
2022, recording a decrease in the weight of 1.7 p.p. vis-à-vis the same period of 2021.

Figure 12. International Trade in Goods – Exports – Brazil

Weight of the main groups of products, 2021-2022 (Jan-Oct)

2021 2022
Others; 18.0%
Others; 18.7%

Mineral fuels;
4.7%
Base metals; 5.0% Agricultural
Agricultural products; 45.6%
Machinery and
products; 45.4%
mechanical
Machinery and
appliances; 7.9%
mechanical
appliances; 8.0%
Food products;
9.7%
Vehicles and
other transport Vehicles and
equipment; other transport
10.7% Food products; equipment;
12.3% 14.2%

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In the period from January to October 2022, the trade deficit of transactions with Brazil increased by EUR 1,746
million compared to the same period of 2021, reaching EUR 3,261 million. Between 2013 and 2021, the lowest
annual deficit was registered in 2013 (EUR -93 million) and the highest in 2021 (EUR
-1,842 million). The trend of growth in imports from Brazil and of decline in exports, resulted in an increase of
the deficit by EUR 548 million per year, in average annual terms, between 2018 and 2021.

Figure 13. International Trade in Goods – Trade balance - Brazil

Evolution of the value, 2013-2021 (Jan-Dec), 2022 (Jan-Oct)

Trade Balance - Brazil (Jan-Oct) Trade Balance - Brazil (Nov-Dec)

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
500

-500

-1,000

-1,500

-2,000

-2,500

-3,000

-3,500
EUR Million

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Quarterly Unit Value Indices for International Trade in Goods
In compliance with the calendar for the dissemination of the Quarterly Unit Value Indices for International Trade,
this press release includes the results for the 3rd quarter of 2022 based on the September 2022 International Trade
in Goods statistics, disseminated on a 40 days basis (on the 9th of November, 2022).
In the 3rd quarter of 2022, the unit value indices of exports and imports maintained positive year-on-year rates of
change (+17.8% and +22.9%, respectively). Excluding petroleum products, the unit value indices registered year-on-
year rates of change of +14.0% and +13.5%, in the same order.
For the sixth consecutive quarter, continued to occur a loss in terms of trade (relative price of exports in terms of
imports), having been interrupted in this quarter the upward trend of the year-on-year changes in the prices of
exports and imports that had been registered since the 3rd quarter of 2020.

Table 8. Growth Rate (%) – Price

2019 2020 2021 2022

GROWTH RATE (%)
FLOW
PRICE QUARTER QUARTER QUARTER QUARTER
st nd rd th st nd rd th st nd rd th st nd rd
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3
TOTAL 0.6 0.5 -0.1 -0.7 -0.7 -3.7 -3.6 -1.7 1.3 5.9 10.8 12.5 16.0 18.9 17.8
EXPORTS TOTAL EXCLUDING
0.5 0.5 0.6 -0.9 -0.8 -1.7 -2.0 0.0 1.3 4.1 8.4 10.9 13.0 13.9 14.0
PETROLEUM PRODUCTS

TOTAL 0.3 1.1 -1.5 -0.7 -0.1 -6.8 -5.4 -4.4 -1.9 7.1 12.5 16.8 20.3 25.0 22.9
IMPORTS TOTAL EXCLUDING
-0.2 0.4 -0.5 0.1 -0.3 -2.8 -2.4 -1.0 -0.6 3.3 8.0 11.2 14.4 15.8 13.5
PETROLEUM PRODUCTS

NOTE: Petroleum products – CPA 06 (Crude petroleum and natural gas) and CPA 19 (Coke and refined petroleum products).

Figure 14. Terms of Trade Evolution

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The quarterly indices concerning the period 2012-2022 are available as statistical indicators on the Statistics Portugal
website, including the corresponding value and volume indices.

Quarterly unit value indices of imports (Year-on-Year growth rate, value - %) by Type of good, product by activity (CPA 2008)

Quarterly unit value indices of exports (Year-on-Year growth rate, value - %) by Type of good, product by activity (CPA 2008)

Quarterly unit value indices of imports (Year-on-Year growth rate, price - %) by Type of good, product by activity (CPA 2008)

Quarterly unit value indices of exports (Year-on-Year growth rate, price - %) by Type of good, product by activity (CPA 2008)

Quarterly unit value indices of imports (Year-on-Year growth rate, volume - %) by Type of good, product by activity (CPA 2008)

Quarterly unit value indices of exports (Year-on-Year growth rate, volume - %) by Type of good, product by activity (CPA 2008)

INTERNATIONAL TRADE – October 2022

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 METHODOLOGICAL NOTE

1. International Trade compiles statistical information about the trade in goods with the European Union (Intra-EU trade) and
Third Countries (Extra-EU trade). In terms of Intra-EU trade statistics, it includes adjustments for non-responses as well as
for enterprises with transactions below the defined exemption thresholds (which exempts from providing statistical data to
a significant number of enterprises). Since February 2020, the United Kingdom is already considered a Third Country. In this
press release, for comparison purposes, in the analyses vis-à-vis the same month of the previous year or with the previous
month the United Kingdom is considered as a Third Country in these periods.

2. For simplification purposes, the terms associated with International Trade Statistics are narrowed to “imports” and “exports”,
however stating which market is being referred to (Intra-EU, Extra-EU, and International Trade which includes the former
two).

In this press release the following statistical data are used:

2018: Intra-EU trade – January to December definitive results;

Extra-EU trade – January to December definitive results.

2019: Intra-EU trade – January to December definitive results;

Extra-EU trade – January to December definitive results.

2020: Intra-EU trade – January to December definitive results;

Extra-EU trade – January to December definitive results.

2021: Intra-EU trade – January to December definitive results;

Extra-EU trade – January to December definitive results.

2022: Intra-EU trade – January to October monthly preliminary results;

Extra-EU trade – January to October monthly preliminary results.

3. Due to rounding of numbers, totals might not correspond to the sum of the indicated parcels.

4. Month-to-month growth rate – it compares the level of each variable between two consecutive months. Although it allows
an up-to-date follow-up of the evolution of each variable, the value of this variation is particularly influenced by seasonal
fluctuations effects and from other specific effects in one or both compared months.

5. Year-on-year growth rate – it compares the level of each variable between the current period and the same period of the
previous year. Its evolution is less biased by seasonal fluctuations; however, it might be influenced by this type of effect
located in a specific period compared.

6. Revisions: with the release of the definitive results for the year 2021, there was an adjustment of the revisions policy applied
to International Trade, anticipating the release of the annual definitive results in one month, which allows the incorporation
of the data of Annual National Accounts and the Balance of Payments. Therefore, each month, the information regarding

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 month m (on a 40-day basis) will continue to be published and the previous four months are revised. The annual preliminary
results concerning the year N are released in June of N+1, that is, at the last (fourth) revision of December. The release of
definitive results now takes place in August of N+1. The information released monthly contains routine revisions due to the
replacement of estimations with new data received in the meantime, and, to a lesser extent, the replacement of values
previously reported by corrections reported by the enterprises. The following table shows the impact of those revisions on
the year-on-year rate of change (three months) disseminated in the previous press release:

YEAR-ON-YEAR GROWTH RATE - JULY TO SEPTEMBER 2022

PREVIOUS CURRENT
PUBLICATION PUBLICATION
EXPORTS 28.0 28.0
IMPORTS 36.1 36.7

7. The BEC nomenclature - Classification by Broad Economic Categories doesn’t include Gold for monetary use (CN 71082000)
and Coins, including coins with legal tender (except medals, coins mounted in objects of personal adornment coins with
character collectibles with numismatic value, waste, and scrap) (CN 71189000). The sum of the various BEC categories may
not match with total trade, due to these exclusions and for confidentiality reasons.

8. Intra-EU trade concerning the Euro Zone includes, since 2017, stores and provisions within the framework of Intra-EU trade,
which in the previous years are included in the non-Euro Zone. However, given the slight weight (lower than 0.1%) in total
trade, data are comparable for all series available.

9. Unit Value Indices for International Trade in Goods

The starting Universe corresponds to International Trade in Goods, set on a 40-day basis for the reference month, with the
most up-to-date results at that moment for both periods (month and month-on-month). Definitive results for 2012 to 2020
and preliminary results for 2021 and 2022 are used for the calculation of Quarterly Indices. The monthly indices are
consistent with the quarterly indices (40 days), by applying the Chow-Lin method.

To calculate the Unit Value Indices, there are some exclusions in International Trade to be considered, with a low significance
in total values, namely transactions with a statistical value lesser than EUR 1,000 and according to the number of observations
by enterprise/Economic Area/CN8, Chapters 98 and 99 of the CN and records with a net mass of less than 0.5 kg. However,
the representativeness of the sample in each product group is guaranteed, reaching a total coverage of more than 80%.

The unit value indices are calculated at the most detailed level of information (CN8, around 9,500 codes), and aggregated as
Paasche indices (price) by CPA (Statistical Classification of Products by Activity) for the quarterly indices. Monthly indices are
disseminated only for total and total excluding petroleum products. They indicate the change over the same period of the
previous year. It is also important to mention that these indices correspond to unit value indices rather than real effective
price indices, thus reflecting apart from the changes in prices, also the changes in the composition and the quality of the
goods considered at the most detailed level of information.

The dissemination of the quarterly indices is ensured in the usual International Trade Statistics press release, according to

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 the following calendar:
MONTHLY
QUARTERLY INDICES
DISSEMINATION DATE INDICES
REFERENCE
INTERNATIONAL TRADE (40 INDICATORS
PERIOD REFERENCE
DAYS) (until +2 WORK INDICATORS
QUARTER
DAYS)
JANUARY 11-03-2022 15-03-2022 11-03-2022 4th QUARTER/21
FEBRUARY 08-04-2022 12-04-2022
MARCH 10-05-2022 12-05-2022
APRIL 09-06-2022 15-06-2022 09-06-2022 1st QUARTER/22
MAY 11-07-2022 13-07-2022
JUNE 09-08-2022 11-08-2022
JULY 09-09-2022 13-09-2022 09-09-2022 2nd QUARTER/22
AUGUST 10-10-2022 12-10-2022
SEPTEMBER 09-11-2022 11-11-2022
OCTOBER 09-12-2022 13-12-2022 09-12-2022 3rd QUARTER/22
NOVEMBER 09-01-2023 11-01-2023
DECEMBER 09-02-2023 13-02-2023

The quarterly indices related to the period 2012-2022 are available as statistical indicators on the Statistics Portugal Portal,
with data broken down by Statistical Classification of Products by Activity (CPA), including the corresponding value and
volume indices.

The monthly indices concerning the period 2012-2022 are available as statistical indicators on the Statistics Portugal Portal,
with data available for the total and total excluding petroleum products, including the corresponding value and volume
indices. The monthly unit value indices for October 2022 will be released up to two working days after the publication of this
press release on the Statistics Portugal Portal (see the links below). With the release of the quarterly indices for the 3rd
quarter of 2022, the monthly indices for July, August, and September 2022 were adjusted, thus ensuring their temporal
consistency (Chow-Lin method).

• Monthly unit value indices of exports (Month-on-month growth rate, price - %)

• Monthly unit value indices of exports (Month-on-month growth rate, value - %)

• Monthly unit value indices of exports (Month-on-month growth rate, volume - %)

• Monthly unit value indices of imports (Month-on-month growth rate, price - %)

• Monthly unit value indices of imports (Month-on-month growth rate, value - %)

• Monthly unit value indices of imports (Month-on-month growth rate, volume - %)

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ACRONYMS AND DESIGNATIONS

EU – European Union

CN – Combined Nomenclature

BEC – Classification by Broad Economic Categories, third revision

CPA – Statistical classification of products by activity, version 2.1

IT – International Trade

CONVENTIONAL SIGNS

ə – Value less than half the module of the unit used

Further statistical information on International Trade can be found on the Statistics Portugal website.

Date of next Flash estimate release (4th quarter of 2022) – 30 January 2023

Date of next monthly press release – 9 January 2023

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