Portugal’s trade deficit narrowed to €3.05 billion in July 2026, from €3.45 billion a year earlier. Exports increased 6.5% to €7.40 billion, driven by a 46.6% surge in fuels and lubricants, amid higher energy prices and renewed escalation in the US-Iran war. Exports also rose for industrial supplies (8.1%) and machinery and other capital goods (12.5%), while transport equipment fell 9.3%, mainly due to lower passenger-car sales. Exports to Spain rose 11%, while shipments to the UK and Netherlands fell 10.3% and 12.1%, respectively. Imports increased just 0.6% to €10.45 billion, led by a 42.7% rise in fuels and lubricants and a 10.2% increase in machinery and other capital goods. Imports of industrial supplies declined 14.2%, mainly due to chemicals. Imports rose from France (25.6%), Spain (4.3%), and Nigeria (584.8%), but plunged from Ireland (81.2%). For the first seven months of 2026, however, Portugal’s trade deficit widened to €21.35 billion, from €18.87 billion a year earlier. source: Statistics Portugal

Portugal recorded a trade deficit of 3052.32 EUR Million in July of 2026. Balance of Trade in Portugal averaged -694.84 EUR Million from 1950 until 2026, reaching an all time high of 3.55 EUR Million in May of 1955 and a record low of -3578.94 EUR Million in June of 2026. This page provides - Portugal Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Portugal Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on September of 2026.

Portugal recorded a trade deficit of 3052.32 EUR Million in July of 2026. Balance of Trade in Portugal is expected to be -2970.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Portugal Balance of Trade is projected to trend around -2950.00 EUR Million in 2027 and -2910.00 EUR Million in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-08-07 10:00 AM
Balance of Trade
Jun €-3632M €-2826M €-2980.0M
2026-09-09 10:00 AM
Balance of Trade
Jul €-3052M €-3579M €-3720.0M
2026-10-09 10:00 AM
Balance of Trade
Aug €-3052M



Components Last Previous Unit Reference
Exports 7402.66 7210.30 EUR Million Jul 2026
Imports 10454.97 10789.24 EUR Million Jul 2026

Related Last Previous Unit Reference
Balance of Trade -3052.32 -3578.94 EUR Million Jul 2026
Capital Flows 996.53 -143.82 EUR Million Jun 2026
Current Account -303.42 -632.82 EUR Million Jun 2026
Current Account to GDP 1.20 2.20 percent of GDP Dec 2025
Exports by Category
Exports by Country
External Debt 476475.32 462816.39 EUR Million Jun 2026
External Debt to GDP 149.00 145.00 percent of GDP Mar 2026
Foreign Direct Investment 389.00 1241.61 EUR Million Jun 2026
Gold Reserves 382.66 382.66 Tonnes Mar 2026
Imports by Category
Imports by Country
Natural Gas Imports 10788.97 25046.83 Terajoule Jul 2026
Remittances 374.89 348.27 EUR Million Jun 2026
Terrorism Index 0.42 0.00 Points Dec 2025
Tourism Revenues 2537.88 2739.79 EUR Million Jun 2026
Tourist Arrivals 2089982.00 1948221.00 Persons Jul 2026
Weapons Sales 1.00 37.00 SIPRI TIV Million Dec 2025


Portugal Balance of Trade
Portugal runs regular trade deficits. Machinery and mechanical appliances are the main group of products exported and imported, and also the group with the largest trade deficit. On the other hand, the largest commercial surpluses are in the transactions of Mineral products, Cellulose pulp and paper, Clothing and Footwear. In terms of traded goods, Industrial supplies is the main traded category. Spain, France and Germany are the main external customers and suppliers of goods to Portugal, accounting for 50.9% of total exports and 52% of imports. Spain is Portugal's largest partner (weight of 26.7% in exports and 32.8% in imports). Transactions with Spain record the largest trade deficit, while the largest surplus is with France. Outside the EU, the United States is the main customer while China is the main Extra-EU supplier of goods.
Actual Previous Highest Lowest Dates Unit Frequency
-3052.32 -3578.94 3.55 -3578.94 1950 - 2026 EUR Million Monthly

News Stream
Portugal Trade Deficit Narrows in July as Exports Outpace Imports
Portugal’s trade deficit narrowed to €3.05 billion in July 2026, from €3.45 billion a year earlier. Exports increased 6.5% to €7.40 billion, driven by a 46.6% surge in fuels and lubricants, amid higher energy prices and renewed escalation in the US-Iran war. Exports also rose for industrial supplies (8.1%) and machinery and other capital goods (12.5%), while transport equipment fell 9.3%, mainly due to lower passenger-car sales. Exports to Spain rose 11%, while shipments to the UK and Netherlands fell 10.3% and 12.1%, respectively. Imports increased just 0.6% to €10.45 billion, led by a 42.7% rise in fuels and lubricants and a 10.2% increase in machinery and other capital goods. Imports of industrial supplies declined 14.2%, mainly due to chemicals. Imports rose from France (25.6%), Spain (4.3%), and Nigeria (584.8%), but plunged from Ireland (81.2%). For the first seven months of 2026, however, Portugal’s trade deficit widened to €21.35 billion, from €18.87 billion a year earlier.
2026-09-09
Portugal Trade Gap Widens in June
Portugal’s trade deficit widened to €3.63 billion in June 2026, up €1.12 billion from a year earlier, as imports grew significantly faster than exports. Imports surged 19.6% year-on-year, driven mainly by a 50.7% increase in fuels and lubricants, particularly crude oil from Brazil, reflecting higher prices. Industrial supplies also contributed strongly, rising 23.5%. Imports from Brazil, the Netherlands and Germany recorded particularly sharp increases. Exports, meanwhile, rose 10% year-on-year, supported by a 69.3% jump in fuels and lubricants and a 13.4% increase in industrial supplies, particularly base metals. Exports to Spain (13.2%) and Germany (6.2%) strengthened. In the second quarter, exports increased 10.3% year-on-year, while imports rose 8.7%. During the first half of 2026, exports were up 1.7% from a year earlier, compared with a 6.3% increase in imports.
2026-08-07
Portugal Trade Gap Shrinks in May
Portugal’s trade deficit narrowed to €2.81 billion in May 2026 from €3.32 billion a year earlier, supported by stronger exports and lower imports. Exports increased 5.1% year-on-year to €7.32 billion, while excluding fuels and lubricants they rose 2.3%. The main driver was a 14.9% increase in industrial supplies exports, particularly base metals and chemical products. Among major trading partners, exports to Germany rose 16.6% and shipments to Belgium surged 56%, largely reflecting higher sales of industrial supplies, especially chemicals. Meanwhile, imports declined 1.6% to €10.13 billion, with non-fuel imports falling 6.8%. The largest drop came from industrial supplies, which decreased 17.2%. Import declines were particularly significant from Ireland, down 80.4%, and the Netherlands, down 24.3%, mainly due to lower purchases of industrial supplies, including chemical products.
2026-07-10