Total exports from Madeira-based companies last year increased by 6.1% compared to 2023 valuing around 372 million euros.
In turn, imports stood at 273.8 million euros in 2024 (0.2% more than in the previous year), which translates into a positive balance of trade in the Region’s foreign trade balance, in the order of 98.2 million euros.
The balance was higher than in 2023, which stood at 77.4 million euros. Thus showing that trade has been on an upward trajectory since 2017.
It should be noted that the coverage rate of imports by exports in 2024 was 135.9%, also higher than that recorded in the previous year (128.3%).
Also in 2024, most of the outflow of goods went to third countries (57% of the total) and, in turn, imports came mainly from the European Union (81%).
Data released by the Regional Directorate of Statistics of Madeira (DREM), refer only to trade abroad carried out by companies based in the Region, “which is a tiny portion of the entry and exit of goods,” so most trade is carried out with the mainland, and therefore no statistical data is available.
Finally, it should be noted the participation that companies based in the International Business Centre of Madeira (IBC) have in the international trade of both flows, since in 2023, 75.3% of exports and 46.4% of imports were made by companies based in the IBC.
Samantha Gannon
info at madeira-weekly.com
