Exports and imports decreased 7.3% and 21.2% in July, respectively, in nominal terms, after the drop in June was 9.8% and 22.6%, in the same order, data released today by the National Statistics Institute (INE).
According to the International Trade Statistics of July this year, most of the product categories showed decreases, but exports stood out for fuels and lubricants, with a decrease of 59.5%, and for industrial supplies , which fell by 10.0%.
In the case of imports of goods, the greatest decrease was registered in the categories of transport equipment and fuels and lubricants, with respective decreases of 37.5% and 53.0%.
When fuels and lubricants were excluded, exports and imports decreased by 4.1% and 17.0%, respectively, after decreases of 7.3% and 16.7% in June, in the same order, concluded the INE.
Thus, the deficit in the trade balance of goods decreased by 1,147 million euros compared to the same month of 2019, reaching 716 million euros in July 2020, when fuels and lubricants are accounted for, however, if that category is excluded, the trade balance reached a negative balance of 443 million euros, corresponding to a decrease in the deficit by 881 million euros compared to July 2019.
In an analysis of the months of May, June and July, the INE found that exports and imports of goods decreased 19.2% and 28.0%, respectively, compared to the same months of 2019.
In addition to the usual publication of monthly results, INE reviewed published preliminary figures on exports and imports for the full year 2019, now presenting the final results, which show slight revisions compared to the preliminary results released in June: positive annual rates of change 3.5% in exports and 6.0% in imports compared to 2018, corresponding to revisions of zero percentage points and minus 0.4 percentage points, respectively, compared to preliminary results.