What do Russia and Ukraine represent for the Portuguese trade balance

 

Exports of Portuguese goods to Russia increased 0.6% in 2021, and 16.7% to Ukraine, from where Portugal imports large amounts of maize.

MOSCOW

Last year, exports of goods and services to Moscow grew by 7.8% in 2021 to 269.6 million euros and imports doubled (102.5%) to 1,071.9 million euros, year on year, with a negative trade balance for Lisbon by around 802 million euros, according to data from the National Institute of Statistics (INE). Exports of Portuguese goods to Ukraine rose 16.7% last year, compared to 2020, to 35.9 million euros, according to the National Statistics Institute (INE). In the same period, imports of goods from Ukraine by Portugal rose 44% to 296.5 million euros, which represents a negative trade balance for Lisbon of 260.7 million euros.

In 2021, Moscow was Lisbon’s 37th customer and its 13th supplier. A year earlier, Portugal was Russia’s 86th customer and its 54th supplier. In 2020, Portuguese companies that exported to that market totalled 572, 54 fewer than in 2019 (626), when there was the highest number of national exporters since 2016.

The five groups of products most sold to Moscow are agricultural (16.6% of total exports in 2021), wood and cork (15.8%), machinery and equipment (13.3%), food (13%) and footwear (7.6%).

UKRAINE

Exports of Portuguese goods to Ukraine rose 16.7% last year, compared to 2020, to 35.9 million euros, according to the National Statistics Institute (INE). In the same period, imports of goods from Ukraine by Portugal rose 44% to 296.5 million euros, which represents a negative trade balance for Lisbon of 260.7 million euros.

Last year, Ukraine was Portugal’s 68th customer and its 30th supplier. In 2020, Portugal was Ukraine’s 43rd customer and its 62nd supplier.

According to the data, in 2020 there were 374 companies exporting to Ukraine, a progressive increase that has been registered since 2017, when there were 251.

The main five groups of products exported to Kiev include machinery and equipment (with a total weight of 20.6% in 2021), food products (16.3%), wood and cork (16.2%), cellulosic pulp and paper (11.6%) and base metals (7.2%).

Thus, total exports (goods and services) last year totalled around 79.2 million euros (an increase of 57.3%) and imports amounted to 296.5 million euros (+43.3%). , a negative trade balance for Lisbon of 217.3 million euros.What do