World Economy

Portugal Foreign Trade Slumps

Portugal Foreign Trade SlumpsPortugal Foreign Trade Slumps

Figures from the Portuguese National Statistics Institute have shown that Portuguese exports fell 2.5% and imports dropped 7.3% in April, compared with the same month last year, bringing the trade balance down by €277 million ($311.7 million), Portugal’s News online reported. The 2.5% reduction in exports was mainly due to the extra-EU market, which shrank 19.7% after already having fallen 15.1% in March. Exports to within the EU, on the other hand, increased by 4% in April and 0.5% in March. Imports were 7.3% down in April mainly because of imports from outside the EU (-23.7% compared with +1.1% in March).