Portuguese official trade deficit rises in month

The Portuguese trade balance showed a deficit of 1.2 billion euros in July, a 23.4-percent increase on the deficit in June, official data showed on Friday but 2.2-percent lower than in July last year.

But the cumulative balance so far this year showed a deficit of 9.8 billion euros ($13.5 billion dollars), a fall of 14.1 percent from the equivalent figure last year

Exports on a 12-month comparison increased 8.9 percent in July to 3.7 billion euros, but INE noted that growth in exports had slowed in recent months.

Imports grew on a 12-month basis by 5.9 percent to 4.9 billion euros.

INE said imports from within the European Union fell by 2.0 percent, while those from other countries jumped by 32.1 percent mainly owing to increased oil prices.

On a monthly basis, Portuguese exports rose by 3.1 percent in July and imports by 7.5 percent.

Portugal, a member of the eurozone, has been rescued from a debt crisis and is fighting for growth while it enacts deep budget cuts. A trade surplus is a key driver of growth for an economy.