“In October 2023, exports and imports of goods recorded nominal year-on-year variations of -3.1% and -2.0%, respectively (-8.6% and -12.7%, in the same order, in September 2023), highlighting fuels and lubricants in both flows (-22.2% in exports and -23.0% in imports), reflecting decreases in volume (-5.9% and -7.3%, respectively) and the reduction in the prices of these products on the international market (-17.3% and -16.9%, in the same order)”, indicate international trade statistics from INE.

This is the seventh consecutive month of a drop in Portugal's goods transactions with foreign markets, which have not declined since the first months of 2021.

Excluding fuels and lubricants, INE states that there was “a 1.7% decrease in exports, while imports, after two months of decline, increased by 1.3% (-8.4% and -10.1%, respectively, in September 2023)”.