Growth in Portuguese trade accelerates in 2017

Portuguese merchandise trade expanded faster last year than the year before, Xinhua reports, citing official data.

The Chinese state-run news agency says Portuguese National Statistic Institute figures indicate that the value of exports rose last year by 10.1 percent to €55.07 billion (US$67.58 billion), the most ever. The rate of growth in exports in 2016 was 0.8 percent.

The report says the value of imports rose last year by 12.5 percent to €68.92 billion, also the most ever. The rate of growth in imports in 2016 was 1.5 percent.

The resulting trade deficit last year was €13.84 billion.

International trade accounted for about 28.6 percent of Portuguese gross domestic product last year, the highest proportion for 17 years, Xinhua says.