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Portugal’s Trade Deficit Narrows in April
Portugal’s trade deficit shrank to €2.88 billion in April 2026 from €3.03 billion a year earlier, as exports rose 15.5% to €7.40 billion, with gains across all categories. Fuels and lubricants exports surged 32%, driven by a 30.2% rise in energy costs linked to the Iran conflict. Industrial supplies exports grew 15.8%, mainly due to metals, while machinery and capital goods exports climbed 23.1%. Exports to Spain, France, and Germany rose by 11.1%, 12.5%, and 12.0%, respectively. Imports grew 8.9% to €10.28 billion, just below March’s record €10.44 billion, led by transport equipment (22.5%, mostly vehicles from Spain), fuels and lubricants (37%, due to higher energy costs), and machinery (17.8%, mainly from the Netherlands). However, industrial supplies imports fell 9%, primarily due to a drop in chemicals from Ireland for contract processing without ownership transfer. From January to April, the trade deficit widened to €11.43 billion from €9.33 billion in the same period of 2025.
Published on 2026-06-09

Portugal Trade Deficit Widens on Record Imports
Portugal’s trade deficit widened to €2.86 billion in March 2026, up from €2.51 billion a year earlier. Imports surged 11.6% to €10.37 billion, matching the record high set in July 2025, driven by strong demand for transport material, particularly passenger cars from Spain (up 20.2%), as well as machinery and other capital goods from the Netherlands (up 20.0%). Imports of industrial supplies also rose 8.5%, led by chemicals and metals from Spain and the Netherlands. Exports climbed 10.6% to €7.50 billion, the highest since July 2024, fueled by increased sales of machinery and capital goods (up 17.4%), primarily to Germany, as well as transport material (up 12.7%), boosted by passenger car exports to Turkey, and consumer goods (up 12%), particularly to Spain and France. In the first quarter of 2026, the trade deficit widened to €8.42 billion from €6.30 billion in the same period of 2025, as imports outpaced export growth.
Published on 2026-05-08

Portugal Trade Deficit Widens on Record Imports
Portugal’s trade deficit widened to €2.86 billion in March 2026, up from €2.51 billion a year earlier. Imports surged 11.6% to €10.37 billion, matching the record high set in July 2025, driven by strong demand for transport material (up 20.2%), particularly passenger cars from Spain, as well as machinery and other capital goods (up 20.0%), mostly from the Netherlands. Imports of industrial supplies also rose 8.5%, led by chemicals and metals from Spain and the Netherlands. Exports climbed 10.6% to €7.50 billion, the highest since July 2024, fueled by increased sales of machinery and capital goods (up 17.4%), primarily to Germany, as well as transport material (up 12.7%), boosted by passenger car exports to Turkey, and consumer goods (up 12%), particularly to Spain and France. In the first quarter of 2026, the trade deficit widened to €8.42 billion from €6.30 billion in the same period of 2025, as imports outpaced export growth.
Published on 2026-05-08

Portugal Trade Deficit Widens
Portugal recorded trade gap of €2.546 billion in February of 2026, widening from the €2.057 billion in the corresponding period of the previous year. Exports plunged by 14.9% from the previous year to €6.174 billion amid a slide for transformed motor fuel and lubricants (-47% to €139 million), industrial products (-28% to €1.823 billion), and auto parts and accessories (-11.1% to €578 million). Meanwhile, imports dropped by a softer 6.3% to €8.720 billion amid lower purchases of foreign primary fuel (-37% to €322 million), passenger cars (-13.6% to €634 million). In turn, imports rose for inputs for industrial food manufacturers (40% to €130 million) and industrial transportation equipment (43% to 274 million).
Published on 2026-04-09

Portugal’s Trade Deficit Widens Sharply as Exports Plunge
Portugal’s trade deficit widened to €2.51 billion in January 2026, up from €1.73 billion in the same month last year, as exports fell more sharply than imports. Exports dropped 14.1% to €6.06 billion, the steepest annual decline since the post-COVID-19 slump in 2020, driven by a 27.5% fall in industrial supplies, particularly chemical sales to Germany. Exports of fuels and lubricants also tumbled 33.5%. Imports declined more modestly, down 2.5% to €8.57 billion, marking the fourth consecutive month of reduction, largely due to lower industrial supply purchases, especially chemicals from Ireland.
Published on 2026-03-12

Portugal Trade Gap Narrows in December
Portugal’s trade deficit narrowed markedly to €2.87 billion in December 2025, compared with €3.06 billion in the same month a year earlier. Imports fell 2.7% to €8.48 billion, marking a third straight monthly decline, while exports edged down a more modest 0.7%, also extending their losing streak to three months. For 2025 as a whole, however, Portugal’s trade gap widened to €32.10 billion, up from €28.35 billion in 2024.
Published on 2026-02-09

Portugal Trade Gap Narrows in December
Portugal’s trade deficit narrowed markedly to €2.87 billion in December 2025, compared with €3.06 billion in the same month a year earlier. Imports declined 2.7% to €8.48 billion, marking a third consecutive monthly drop. The decrease was largely driven by a steep 52.7% fall in purchases of fuels and lubricants, mainly crude oil from Brazil and Algeria, amid refinery shutdowns and lower prices. In contrast, chemical imports rose 9.6%, particularly shipments from China, mostly linked to contract manufacturing transactions without a transfer of ownership. Exports edged down a milder 0.7% to €5.60 billion, also extending their decline to a third straight month, led by weaker sales of fuels and lubricants (-24.2%), again reflecting refinery shutdowns, and transport equipment (-8.7%), primarily vehicle exports to the UK. Despite the narrower deficit in December, Portugal’s trade gap widened over 2025 as a whole, reaching €32.10 billion compared with €28.35 billion in 2024.
Published on 2026-02-09

Portugal Trade Deficit Narrows to Lowest in 10 Months
Portugal’s trade deficit narrowed sharply to €1.99 billion in November 2025, down from €2.62 billion a year earlier, marking the smallest gap since January. Imports fell 7.9% year-on-year to €8.66 billion, extending a two-month streak of decline, driven by an 18% slump in industrial supplies, mainly chemical products from Ireland. Significant declines were also seen in fuels and lubricants (-24.2%), primarily crude petroleum affected by refinery shutdowns and lower prices, as well as in machinery and other capital goods (-7.2%). Exports fell 1.7% to €6.67 billion, weighed down by a steep drop in fuels and lubricants (-64.4%), again largely linked to refinery shutdowns. In contrast, industrial supplies rose 6.9%, supported by higher volumes of chemical products exported to Germany.
Published on 2026-01-09

Portugal Trade Deficit Narrows to Lowest in 10 Months
Portugal’s trade deficit narrowed sharply to €1.99 billion in November 2025, down from €2.62 billion a year earlier, marking the smallest gap since January. Imports fell 7.9% year-on-year to €8.66 billion, extending a two-month streak of decline, driven by an 18% slump in industrial supplies, mainly chemical products from Ireland. Significant declines were also seen in fuels and lubricants (-24.2%), primarily crude petroleum affected by refinery shutdowns and lower prices, as well as in machinery and other capital goods (-7.2%). Exports fell 1.7% to €6.67 billion, weighed down by a steep drop in fuels and lubricants (-64.4%), again largely linked to refinery shutdowns. In contrast, industrial supplies rose 6.9%, supported by higher volumes of chemical products exported to Germany. For the first eleven months of 2025, Portugal posted a trade deficit of €29.1 billion, up from €25.3 billion in the same period of 2024.
Published on 2026-01-09

Portugal Trade Deficit Narrows as Imports Plunge in November
Portugal’s trade deficit narrowed sharply to €1.99 billion in November 2025, down from €2.62 billion a year earlier, marking the smallest gap since January. Imports fell 7.9% year-on-year to €8.66 billion, extending a two-month streak of decline, driven by an 18% slump in industrial supplies, mainly chemical products from Ireland. Significant declines were also seen in fuels and lubricants (-24.2%), primarily crude petroleum affected by refinery shutdowns and lower prices, as well as in machinery and other capital goods (-7.2%). Exports fell 1.7% to €6.67 billion, weighed down by a steep drop in fuels and lubricants (-64.4%), again largely linked to refinery shutdowns. In contrast, industrial supplies rose 6.9%, supported by higher volumes of chemical products exported to Germany.
Published on 2026-01-09

Portugal Trade Deficit Widens in October
Portugal’s trade deficit widened to €2.80 billion in October 2025, slightly above €2.73 billion a year earlier. Exports fell 5.2%, driven mainly by a sharp drop in fuels and lubricants (-42.5%) partly due to the shutdown of units at the national refinery. Industrial supplies also declined (-7.3%), largely reflecting lower chemical exports. Exports to the US tumbled 42.6%, affected by tariffs on pharmaceuticals and mostly linked to contract manufacturing transactions (without a transfer of ownership). Excluding these transactions, the decline was more moderate at -15.4%. Imports decreased more modestly, down 3.0%. Purchases from Brazil plummeted (-87.9%), primarily due to crude oil, while imports from China rose 29.8%, mainly in fuels, lubricants, and industrial supplies. For the first ten months of 2025, Portugal posted a trade deficit of €26.9 billion, up from €22.7 billion in the same period of 2024.
Published on 2025-12-10

Portugal Trade Deficit Narrows in September
Portugal’s trade deficit narrowed slightly to €2.59 billion in September 2025, down from €2.65 billion a year earlier. Exports surged 14.3% to a seven-month high of €7.24 billion, driven mainly by industrial supplies, which rose 38.8%. Exports to Germany stood out with a remarkable 97.5% increase, largely due to sales of chemical products and pharmaceuticals. A significant share of these transactions involved contract manufacturing, without a transfer of ownership; excluding these, exports to Germany increased by just 14.7%. Other notable export gains were reported for means of transportation, machinery, and consumer goods. Imports rose 9.4% to €9.82 billion, supported by fuels and lubricants (up 40.4%), mostly crude oil from Brazil, means of transportation (18.4%), driven by car purchases, and consumer goods (12.3%), mainly from Spain. Over the first nine months of 2025, Portugal recorded a trade deficit of €24.0 billion, up from €19.94 billion in the same period of 2024.
Published on 2025-11-10

Portugal Trade Deficit Narrows in September
Portugal’s trade deficit narrowed slightly to €2.59 billion in September 2025, down from €2.65 billion a year earlier. Exports surged 14.3% to a seven-month high of €7.24 billion, driven mainly by industrial supplies, which rose 38.8%. Exports to Germany stood out with a remarkable 97.5% increase, largely due to industrial supplies, particularly chemical products and pharmaceuticals. A significant share of these transactions involved contract manufacturing, without a transfer of ownership; excluding these, exports to Germany increased by just 14.7%. Other notable export gains were reported for means of transportation, machinery, and consumer goods. Imports rose 9.4%, supported by fuels and lubricants (up 40.4%), mostly crude oil from Brazil, means of transportation (18.4%), driven by car purchases, and consumer goods (12.3%), mainly from Spain. Over the first nine months of 2025, Portugal recorded a trade deficit of €24.0 billion, up from €19.94 billion in the same period of 2024.
Published on 2025-11-10

Portugal Trade Deficit Narrows in September
Portugal’s trade deficit narrowed to €2.59 billion in September 2025, down from €2.65 billion a year earlier. Exports surged 14.3% to a seven-month high of €7.24 billion, driven mainly by industrial supplies, which rose 38.8%. Exports to Germany stood out with a remarkable 97.5% increase, largely due to sales of chemical products and pharmaceuticals. A significant share of these transactions involved contract manufacturing, without a transfer of ownership; excluding these, exports to Germany increased by just 14.7%. Other notable export gains were reported for means of transportation, machinery, and consumer goods. Imports rose 9.4% to €9.82 billion, supported by fuels and lubricants (up 40.4%), mostly crude oil from Brazil, means of transportation (18.4%), driven by car purchases, and consumer goods (12.3%), mainly from Spain. Over the first nine months of 2025, Portugal recorded a trade deficit of €24.0 billion, up from €19.94 billion in the same period of 2024.
Published on 2025-11-10

Portugal Trade Deficit Widens in August as Exports Fall to Four-Year Low
Portugal’s trade deficit widened to €2.98 billion in August 2025, up from €2.67 billion a year earlier, as exports fell 1.3% to a four-year low of €5.10 billion. The decline was driven mainly by fuels and lubricants (-25.6%), partially offset by transport equipment (+10.8%). By destination, exports dropped to Spain (-5.8%) and the Netherlands (-22.2%), largely due to fuel and lubricants, and to Germany (-9.9%), mainly machinery and other capital goods. Exports to the US, however, rose 36.5%, led by industrial supplies mostly linked to processing trade (work on order without transfer of ownership). Imports increased 3.1% to €8.08 billion, supported by purchases of industrial supplies (+19.4%) and transport equipment (+18.7%), while imports of fuels and lubricants fell (-28.5%). By origin, imports from Ireland surged 615.9%, largely industrial supplies linked to processing trade, while imports from Germany rose 22.2%, driven mainly by airplanes and passenger cars.
Published on 2025-10-10

Portugal’s Trade Deficit Widens in August as Exports Fall to Four-Year Low
Portugal’s trade deficit widened to €2.98 billion in August 2025, up from €2.67 billion a year earlier, as exports fell 1.3% to a four-year low of €5.10 billion. The decline was driven mainly by fuels and lubricants (-25.6%), partially offset by transport equipment (+10.8%). By destination, exports dropped to Spain (-5.8%) and the Netherlands (-22.2%), largely due to fuel and lubricants, and to Germany (-9.9%), mainly machinery and other capital goods. Exports to the US, however, rose 36.5%, led by industrial supplies mostly linked to processing trade (work on order without transfer of ownership). Imports increased 3.1% to €8.08 billion, supported by purchases of industrial supplies (+19.4%) and transport equipment (+18.7%), while imports of fuels and lubricants fell (-28.5%). By origin, imports from Ireland surged 615.9%, largely industrial supplies linked to processing trade, while imports from Germany rose 22.2%, driven mainly by airplanes and passenger cars.
Published on 2025-10-10

Portugal Trade Deficit Rises in July
Portugal's trade deficit widened to €3.293 billion in July 2025 from €2.12 billion a year earlier, as imports rose while exports fell sharply. Imports grew 2.8%, driven by industrial supplies (+8.1%), especially chemical products from Ireland, though excluding processing transactions they fell slightly (-0.8%). Transport equipment (+15.2%), notably German cars, and consumer goods (+9.3%), mainly from Spain, also rose. In contrast, fuel imports dropped 29.4% due to lower crude oil prices and volumes. Imports from Ireland surged 76.3% (or 9.4% excluding processing), while Spain grew 6.1%. Exports fell 11.3%, led by industrial supplies (-29.3%), especially chemicals to Germany and the US, though excluding processing these edged up 0.4%. Transport equipment exports rose 17.8%, cushioning the decline. Exports to Germany (-46.4%) and the US (-37.1%) plunged, largely in chemicals. For the May–July 2025 quarter, imports rose 6.6% while exports fell 3.4%.
Published on 2025-09-09

Portugal Trade Deficit Rises in June
Portugal’s trade deficit widened to €2.35 billion in June 2025 from €2.01 billion a year earlier, as imports rose 3.9% to €8.90 billion while exports slipped 0.1% to €6.55 billion. Import growth was driven by food products (+12.9%), mainly agricultural goods from Spain; transport equipment (+9.8%), largely passenger cars; and consumer goods (+8.7%). Industrial supplies fell 3.7%, mostly chemical products from Ireland tied to processing transactions without ownership transfer. Imports from Spain rose 5.5%, while those from Ireland plunged 73.1%. On the export side, fuels and lubricants dropped 28.3%, notably to Spain. Industrial supplies fell 10.8% (-4.8% excluding processing-related trade), mainly chemical products to the US. Offsetting some declines, transport equipment exports surged 19.9%, especially to Germany. Year-on-year, exports to the US sank 39.4%, while sales to Germany jumped 16.4%.
Published on 2025-08-08

Portugal Trade Gap Widens in May
Portugal’s trade deficit widened to €3.217 billion in May 2025, up from €2.282 billion a year earlier, as imports surged 12.1% to €10.231 billion while exports rose just 2.5% to €7.014 billion. The increase in imports was driven mainly by industrial supplies (+31.3%), particularly chemical products from Ireland and the Netherlands. Excluding these, industrial supplies rose only 1.5%. Transport equipment imports also jumped (+26.3%), especially passenger cars. In contrast, fuel imports dropped sharply (-28.1%) due to lower crude oil prices (-27.7%), despite stable volumes. On the export side, capital goods (+13.7%) and transport equipment (+11.3%) led the growth, especially to Spain and Germany. However, fuel and lubricant exports fell (-31.6%), particularly to the US. Notably, exports to Spain and Germany rose 7.1% and 12.7% respectively, led by strong demand for capital goods and transport equipment.
Published on 2025-07-10

Portugal’s Trade Deficit Hits Third Highest on Record
Portugal’s trade deficit widened to €3.02 billion in April 2025, up from €2.40 billion a year earlier, marking the third largest gap on record. Exports declined by 5.7% to €6.47 billion, with broad-based decreases led by a sharp 32.9% drop in fuel and lubricant exports. Among major trading partners, notable declines were recorded in exports to Spain (-3.1%), mainly due to lower industrial supplies; the Netherlands (-15.6%), driven by steep falls in fuels, lubricants, and industrial supplies; and Italy (-9.5%), largely reflecting a plunge in transport equipment. Meanwhile, imports rose 2.4% to €9.49 billion. A standout contributor was Ireland, where imports surged by 792.2%, primarily due to industrial supplies—especially chemical products—linked largely to contract manufacturing transactions that do not involve a transfer of ownership. Considering January to April, the trade deficit increased to €9.27 billion, compared with €8.36 billion in the same period of 2024.
Published on 2025-06-09