Portugal’s trade deficit narrowed in December, figures from Statistics Portugal showed on Tuesday.

The trade deficit fell to EUR 1.370 billion in December from EUR 1.429 billion in the same month last year. In November, the deficit was EUR 893 million.

Exports contracted 7.8 percent year-on-year in December, following a 0.2 percent fall in November.

Imports declined 6.9 percent annually in December, following a 11.9 percent fall in the previous month.

On a month-on-month basis, exports dropped 18.8 percent and imports decreased 8.2 percent.

Separate data from the statistical office showed that the industrial turnover fell 7.7 percent annually in December, following a 4.3 percent decline in November.

In the fourth quarter, industrial turnover decreased 6.7 percent yearly, following a 6.3 percent in the third quarter.

The material has been provided by InstaForex Company – www.instaforex.com

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