Fuels and lubricants with the biggest drop in exports and imports in 2020

Fuels and lubricants with the biggest drop in exports and imports in 2020

Exports and imports of fuels and lubricants decreased 32.1% and 35.6%, respectively, in 2020 compared to 2019, standing out as the economic category with the greatest relative decreases, the INE reported today.

According to the Statistics of International Trade of the National Statistics Institute (INE), this decrease “significantly contributed” to the evolution of prices of this type of goods in international markets, namely the price of crude oil (brent), whose average annual price, euros, decreased by 36.3% in 2020.

“It is also worth noting the change in the conditions of the national and international markets that led to the suspension of production in refineries and to a reduction in energy consumption (-4%, -11% and -15% in final consumption of electricity, natural gas and derivatives of oil, respectively, compared to 2019), due to the decrease in the transport of passengers and goods, due to the impact of the pandemic covid-19 ”, adds INE.

In exports, the greatest decrease in value occurred in the subchapter of 'petroleum oils or bituminous minerals, except crude oils' (-1,057 million euros, mainly to the United States), while in imports it was in' crude petroleum oils or bituminous minerals' (-1,450 million euros, mainly from Angola).

In relation to the quantities traded, the significant decrease in imports of ‘coal; briquettes, balls in agglomerates and similar solid fuels, obtained from coal '(-2,613 million kilos, mainly from Colombia).

Regarding exports of 'electric energy', there was an increase in value (+23 million euros) and in quantity (+1,306 kilowatts / hour – kWh), while in imports there was a decrease in value (-136 million) and in quantity (-639 kWh).

According to INE, the increase in exports and the decrease in electricity imports “reflects a production higher than consumption in 2020, with the surplus being exported”: “While production registered a slight increase (net production increased 0.9% compared to 2019 ), consumption decreased due to the contraction of economic activity in the context of the pandemic ”, he explains.

Analyzing fuel and lubricant transactions by countries, it appears that the greatest decreases occurred in exports to the United States (-263 million euros compared to 2019) and in imports from Angola (-688 million euros compared to the year previous).

In exports, the decreases also stand out for Spain (-124 million euros), the Netherlands (-121 million euros), Morocco (-53 million euros) and France (-45 million euros).

In terms of imports, the second largest decrease occurred in imports from Russia (-530 million euros), followed by Spain (-420 million euros), Azerbaijan (-395 million euros) and Algeria (-361 million euros) ).

In the five countries with the greatest decreases in exports, the decreases occurred mainly due to ‘petroleum oils or bituminous minerals, except crude oils’.

In the decreases in imports from Angola, Russia, Azerbaijan and Algeria, the decreases in 'crude oil or bituminous minerals' stood out, while in the decrease in imports from Spain the greatest decreases occurred in' petroleum or mineral oils bituminous, except crude oils' and 'electric energy', this being the only country with which Portugal transacts this asset.

Overall, Portuguese exports of goods fell 10.2% in 2020 compared to 2019, decreasing for the first time since 2009, while imports decreased by 15.2%.

The deficit in the trade balance of goods decreased 6,024 million euros to 14,051 million euros ", reflecting an increase in the coverage rate of 4.4 percentage points (79.3% in 2020).

Excluding fuels and lubricants, in 2020 exports and imports decreased by 8.9% and 12.6%, respectively (+ 4.4% and + 6.8% in 2019). The trade deficit, excluding fuels and lubricants, stood at 10,670 million euros, decreasing 3,966 million euros compared to 2019.


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