In the first half of 2024

Trade Balance of the Region with foreign countries was positive by 39.9 million euros

According to preliminary data for the first half of 2024, the trade balance of the Autonomous Region of Madeira (ARM) with foreign countries recorded a surplus of 39.9 million euros, an improvement compared to the same period last year (32.3 million euros). This translates into a coverage rate of imports by exports of 129.9%, higher than the 122.0% recorded in the first six months of 2023.

During the period under review, the total exports of enterprises based in the ARM amounted to approximately 173.4 million euros, a decrease of 3.4% compared to the first half of 2023, while imports reached 133.5 million euros, a 9.3% decline compared to the same period in the previous year. In the first half of 2024, the majority of goods exports were destined for non-EU countries (57.0% of the total), while on the import side, EU countries continued to dominate (81.9%).

Final 2023 International Trade Statistics available now 

DREM has released today the key final results of the “International Trade Statistics” for the year 2023. More detailed information, as well as the updated time series of the International Trade Statistics (1976-2023), will be published next September.

Region records positive trade balance with foreign countries for the seventh consecutive year

According to the final 2023 data on International Trade in Goods, the trade balance recorded a surplus of approximately 77.4 million euros, surpassing the positive balance of 12.0 million euros observed in the previous year.

An analysis by flow type shows that exports saw an overall decrease of 1.4% in 2023, amounting to 350.5 million euros, a reduction of 4.9 million euros compared to the previous year.

The decline in exports was primarily driven by a decrease in exports to non-EU countries, which totalled approximately 220.1 million euros in 2023, below the 233.6 million euros recorded in 2022. Trade in goods with EU countries increased from 121.8 million euros in 2022 to 130.4 million euros in 2023.

Imports totalled approximately 273.1 million euros, reflecting a 20.5% decrease in 2023, equivalent to a reduction of 70.3 million euros.

The significant decrease in goods imports was influenced by transactions with non-EU countries, which amounted to 61.5 million euros in 2023, a decrease of 48.9 million euros compared to the previous year. Similarly, purchases from EU countries declined from 232.9 million euros in 2022 to 211.6 million euros in 2023.

Within the release of the final 2023 data, an extraordinary revision of the 2022 annual data has also been published this year. This revision primarily results from the process of identifying and correcting asymmetries between the Member States of the European Union. The revision impacted the flows of both exports and imports, as well as the respective trade balance of goods, with values revised by -3.8, -0.9, and -3.0 million euros, respectively, compared to the figures released in August 2023.

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