Firms trim expectations for 2023 exports to 0.5% nominal rise
Less positive was the outlook for transport equipment and parts and accessories thereof, exports of which are now seen rising 3.9%, or 2.3 points less than previously.
Portugal’s companies have downgraded their expectations for exports this year, and now see a nominal increase of 0.5%, or 0.6 of a percentage point less than previously expected, due to the performance of destination markets, according to the latest information on the subject from the National Statistics Institute (INE), released on Friday.
“Exporting enterprises expect a nominal increase of 0.5% in their exports of goods in 2023, revising downwards by 0.6 percentage points (p.p.) the 1st forecast made in December 2022,” the release states. “This revision results from the updating of enterprises’ expectations for both Intra-EU (-0.5 p.p., to +1.2%) and Extra-EU (-0.9 p.p., to -1.2%) exports.”
It adds that the less positive performance than expected in the destination markets of its exports is the main reason given by enterprises for this downward revision, “impacting more than half of the responding enterprises (56.4%).”
By broad economic categories, the most positive prospects for businesses were seen for exports of capital goods (except transport equipment) and parts and accessories thereof (seen rising 9.3%, or 1.1 percentage points more than the previous forecast) and industrial supplies (seen up 0.4%, or 1.5 points more).
Less positive was the outlook for transport equipment and parts and accessories thereof, exports of which are now seen rising 3.9%, or 2.3 points less than previously.
