It is the best performance by Portugal’s exporters so far this year as, according to data from the National Statistics Institute, imports have slowed and exports have risen significantly compared to October 2013.
October’s exports of goods increased 9.4%, the largest annual increase of 2014, with factories invoicing €4.638 billion. The imports of goods into the country increased just 1.2% enabling the overall balance of trade for the year to decrease by €190 million.
The data show that this increase in exports was achieved largely as a result of trade with countries outside the EU, with an increase in most product groups, but particularly in clothing, vehicles and other transport equipment, fuels and agricultural products.
Clothing was the champion of exports, with the INE commenting that "the dynamism of clothing exports to Angola" was especially noteworthy with a 26.9% increase.
Spain remains the main customer for clothing from Portugal, up 1.7% over 2013.
