Portugal: Trade balance with PALOP countries more than doubles in Q1

The trade balance between Portugal and the Portuguese-language African Countries (PALOP) rose 141% in the first quarter of this year to €323.6 million, due to the turnaround in relations with Angola.

According to International Trade data from the Statistics Portugal (INE), the trade balance had been positive for Portugal by €131.7 million from January to March 2020, rising to €323.6 million, essentially because trade with Angola went from negative to positive.

In the first quarter of last year, Portugal exported goods worth €224 million but bought the equivalent of €242 million, creating a negative balance of about €20 million.

In the first three months of this year, however, the panorama changed significantly: Portugal bought Angolan goods worth just €6.7 million and exported goods worth €197 million, which increased the trade balance from -€18.1 million to €190 million.

In all other countries, the balance remained positive for Portugal in the first quarter of this year compared to the first three months of last year, although concerning Mozambique and Sao Tome and Principe the balance between purchases and sales from Portugal was lower.