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Statistical Press Release – Balance of payments - November 2020

Today, Banco de Portugal publishes statistics, in Tables A.16 and A.17 of the Statistical Bulletin and in BPstat, on balance of payments for November 2020.

Up to November 2020 the combined current and capital account balance stood near the equilibrium, showing a small surplus of €5 million, compared with the surplus of €1783 million in the same period in 2019 (Chart 1).

The observed surplus in services, secondary income and capital accounts, up to November, were nearly offset by the deficit registered in goods and primary income accounts (Chart 2).

Up to November the exports of goods and services reduced by 20.9% (9.9% in goods and 39.1% in services) and the imports decreased by 16.8% (14.9% in goods and 24.7% in services). In this period, the goods account deficit decreased by €5000 million when compared to the same period of 2019, reaching €10341 million. Nevertheless, the services account surplus diminished by €8727 million, to €7586 million. Such reduction was justified mainly by the significant decrease on the travel balance, by €7610 million.


In November, the exports and imports of goods and services showed reductions comparing to the same period of 2019, by 9.0% (reductions by 0.7% in goods and 27.6% in services) and 10.5% (reductions by 7.8% in goods and 22.3% in services), respectively. It stood out the reduction of the travel balance by €366 million, as a consequence of the decrease of 55.0% in exports and 47.0% in imports (Chart 3).

Between January and November of 2020, the primary income deficit decreased by €1946 million, when compared with the previous year, reaching €2657 million. This decrease of the deficit was mainly caused by the decline in investment income payments to non-resident entities. The secondary income surplus decreased by €242 million, mostly as a result of the evolution of the current transfers. On the other hand, the capital account balance increased €244 million, when compared to the same period of the previous year, mainly due to an increase of the EU funds received.

Up to November 2020, the financial account balance saw a €641 million increase in net foreign assets in Portugal (Chart 4). This was mainly due to the positive contribution of portuguese banks, characterized by an increase in assets, as a result of the  investment in debt securities issued by member states of the Monetary Union and by a reduction in liabilities, through a decrease in deposits from non-residents.  In contrast, it was observed an increase in liabilities of Banco de Portugal vis-à-vis the Eurosystem and an investment of non-residents in Portuguese public debt securities, as well as in securities issued by Portuguese companies.

Next update: 17 Feb. 2021