Portugal’s merchandise trade deficit for July widened from a year ago as imports logged double-digit growth, offsetting relatively modest gain in exports, figures from Statistics Portugal showed Friday.

The visible trade gap widened to EUR 1.057 billion from EUR 611 million a year ago. In June, the trade deficit was EUR 1.011 billion.

Imports rose 12.8 percent year-on-year versus a 6.7 percent slump in the same month last year. In June, imports grew 6.6 percent from a year ago. Compared to the previous month, imports dropped for a second straight month in July, down 0.8 percent.

All economic categories registered imports year-on-year growth in July, led by a massive 45.8 percent jump in fuel and lubricants.

Exports grew 4.6 percent year-on-year after 6.7 percent increase in the previous month. Shipments had dropped 4.8 percent a year ago. On a month-on-month basis, exports fell 1.9 percent in July, down for a second consecutive month.

Excluding fuels and lubricants, the trade deficit was EUR 625 million versus EUR 406 million a year ago. Exports grew 5.1 percent year-on-year, while imports jumped 9.4 percent.

Source: RTT News