Portugal’s lacklustre trade figures so far this year are due to the global economic slowdown and not because of a lack of effort by the Government, said on Wednesday the Portuguese President, Marcelo Rebelo de Sousa.

His remarks – reported by Chinese state-run news agency Xinhua –came after the nation’s statistics bureau announced this week that the value of Portuguese exports slipped 2 percent year-on-year in the first quarter. Imports also dropped – by 1 percent from the previous year – in the January to March period.

“I don’t share the pessimism of those who say that this is an irreversible sign of a political error or instability in Portugal,” said the President, referring to the fall in trade.

In March, Portugal’s exports dropped 3.9 percent year-on-year; one of the biggest year-on-year declines seen in monthly export numbers in the past seven years, Xinhua’s report said.