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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 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 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 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 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 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 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 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 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’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 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

Portugal Trade Gap Widens in March
Portugal’s trade deficit widened to EUR 2,442 million in March 2025 from EUR 1,759 million in the same month of 2024, as imports rose more than exports. Imports surged 8.3% to EUR 9,266 million, fueled by increased purchases of machinery & mechanical appliances (5.6%), vehicles, other transport equipment (0.6%), and chemical products (17.3%). Among major trading partners, imports were higher from Spain (9.2%), Germany (15%), France (2.6%), and the Netherlands (15.3%). Overseas sales went up only 0.5% to EUR 6,82 million, as higher shipments of machinery & mechanical appliances (7.4%) and chemical products (100.9%), were offset by lower exports of vehicles, other transport equipment (-6.1%), mineral fuels (-6.8%), cellulose pulp & paper (-1.1%), clothing (-1.1%), and optical & precision instruments (-2.7%). Exports rose to Spain (12.8%), but fell to Germany (-3.5%), France (-0.8%), the US (-8.6%), and the UK (-6.6%).
Published on 2025-05-09

Portugal Trade Gap Narrows in February
Portugal’s trade deficit narrowed to EUR 1.95 billion in February 2025, down from EUR 2.44 billion in the same month of 2024, as exports saw a strong rebound. Overseas sales jumped 11.9% to EUR 7.30 billion, driven by higher shipments of industrial supplies (37.3%), along with gains in capital goods and parts (9.8%) and consumer goods (5.6%). Exports were up to Germany (73.4%), the U.S. (24.0%), Spain (5.9%) and France (2.1%). Imports rose at a more modest pace of 3.3% to EUR 9.26 billion, fueled by increased purchases of consumer goods (9.8%), capital goods and parts (4.8%), and fuels and lubricants (6.7%). On a country basis, imports were notably higher from China (30.4%) and France (15.6%), while imports from Ireland dropped sharply by 36.7%.
Published on 2025-04-09

Portugal Trade Deficit Narrows in January
Portugal's trade deficit narrowed to €1.698 billion in January 2025 from €1.757 billion in the same month last year, as exports rose more than imports. Exports jumped by 11.7% year-on-year to €7.079 billion, due to higher sales of chemical products (263.1%), machinery, mechanical appliances (4.7%), base metals (2.6%) and agricultural products (5.4%). Among major trade partners, exports rose to Spain (+2.6%) and Germany (91.2%), but fell to France (-5.4%), the US (13.4%) and the UK (-2.3%). Meanwhile, imports increased by 8.4% year-on-year to €8.778 billion, mainly due to higher purchases of machinery, mechanical appliances (3.8%), chemical products (52.3%), and agricultural products (5.2%). However, imports of vehicles and other transport equipments fell 0.6%. Imports rose from Spain (3%), Germany (4.8%), France (8.1%) and the Netherlands (20.1%).
Published on 2025-03-12