Portugal experienced a widening of its trade deficit in November compared to the previous year, primarily due to a decline in exports contrasted by a rise in imports, according to data released by Statistics Portugal on Thursday.
The trade deficit expanded to €2.50 billion in November, up from €1.96 billion in the corresponding month of the previous year. This represents a slight decrease from the €2.53 billion deficit recorded in October.
November saw a 1.8% year-on-year decline in exports, a sharp turnaround from the 16.9% growth noted in October. Meanwhile, imports increased by 4.7% in November, building on a 7.3% rise in the preceding month.
Further analysis of the data revealed a 10.0% reduction in the exports of transport equipment and a 7.7% decline in the export of machinery and other capital goods.
