Portugal's 2020 exports shrink for first time in 11 years

LISBON: Portugal's exports of goods fell just over 10% last year hit by the economic fallout from the coronavirus pandemic, in the first annual drop since 2009, the National Statistics Institute (INE) said on Tuesday.

In 2019, exports increased 3.5%.

Nevertheless, the trade deficit shrank 30% last year to 14.05 billion euros ($17 billion) as imports of goods fell even more, by over 15%, INE data showed.

In December alone, exports dropped almost 8% and imports 7% from a year earlier, led by fuel and lubricants in both categories, with the deficit slipping to 1.37 billion euros.