Automobile component exports continue to fall sharply

In a statement sent to the Lusa agency, AFIA underlines that the effects of the covid-19 pandemic continue to be noticeable, noting that since 2009 there was not a month of May with such low values ​​in the exports of automobile components, registering a fall of more than half, to 388 million euros.

Exports of automotive components fell in May by 57% compared to the same month in 2019, reported today the Association of Manufacturers for the Automotive Industry (AFIA).

According to the representative association of the sector, the sharp decline continues and, although less significant than in April, when the decrease was 76%, “the negative results remain, this being the third consecutive month of decline, with March register a 26% decrease ”.

In a statement sent to the Lusa agency, AFIA underlines that the effects of the covid-19 pandemic continue to be noticeable, noting that since 2009 there was not a month of May with such low values ​​in the exports of automobile components, registering a fall of more than half, to 388 million euros.

In the first five months of the year, sales of automotive components abroad fell 28%, highlights the AFIA.

“In the accumulated result up to May of this year, exports of automotive components stood at 3.049 million euros, which represents a 28,8% decrease compared to the same period in 2019. In other words, sales abroad, between January and May, decreased by 1.231 million euros compared to 2019 ”, emphasizes the sector association, in the note released today.

Spain is the main destination for exports, with sales of 861 million euros (-24,4% compared to the period between January and May 2019), followed by Germany, with 660 million euros (-25,8%), and in third place comes France, with a record of 377 million euros (-41,0%). Exports to the United Kingdom totaled 226 million euros (-36,6%).

These four countries concentrate 70% of the Portuguese exports of automobile components, according to the AFIA calculations, which are based on the statistics of the International Trade in Goods, released on July 10 by the National Statistics Institute.

"These figures are also the result of the covid-19 pandemic, which led to a general slowdown in activity, temporary closure of automobile factories and the consequent cancellation of orders," explains the association.

The covid-19 pandemic has already killed 555 people and infected more than 12,2 million people in 196 countries and territories, according to a report by the French agency AFP.

In Portugal, 1.646 people of the 45.679 confirmed as infected died, according to the most recent bulletin from the Directorate-General for Health.

Measures to combat the pandemic have paralyzed entire sectors of the world economy and led the International Monetary Fund (IMF) to make unprecedented predictions in its nearly 75 years: the world economy may fall 3% in 2020, dragged by a contraction of 5,9 % in the United States, 7,5% in the euro area and 5,2% in Japan.

For Portugal, the European Commission expects the economy to decline 9,8% of the Gross Domestic Product in 2020, a contraction above the previous projection of 6,8% and that estimated by the Portuguese Government, of 6,9%.

The Government expects the economy to grow 4,3% in 2021, while Brussels anticipates a more optimistic growth of 6,0%, above what it forecast in the spring (5,8%)

The unemployment rate is expected to rise to 9,6% this year and drop to 8,7% in 2021.

As a result of the strong recession, the budget deficit is expected to reach 6,3% of GDP in 2020 and public debt to 134,4%.

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