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. source: Statistics Portugal

Portugal recorded a trade deficit of 2863.02 EUR Million in March of 2026. Balance of Trade in Portugal averaged -682.77 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 -3424.75 EUR Million in August of 2022. 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 May of 2026.

Portugal recorded a trade deficit of 2863.02 EUR Million in March of 2026. Balance of Trade in Portugal is expected to be -2280.00 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 -3385.00 EUR Million in 2027 and -3410.00 EUR Million in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-04-09 10:00 AM
Balance of Trade
Feb €-2546M €-2526M €-2590.0M
2026-05-08 10:00 AM
Balance of Trade
Mar €-2863M €-2710M € -2610M
2026-06-09 10:00 AM
Balance of Trade
Apr €-2863M



Components Last Previous Unit Reference
Exports 7502.83 6204.88 EUR Million Mar 2026
Imports 10365.85 8914.76 EUR Million Mar 2026

Related Last Previous Unit Reference
Balance of Trade -2863.02 -2709.88 EUR Million Mar 2026
Capital Flows 440.53 155.08 EUR Million Feb 2026
Current Account -288.39 17.09 EUR Million Feb 2026
Current Account to GDP 1.20 2.30 percent of GDP Dec 2025
Exports by Category
Exports by Country
External Debt 445830.23 454932.07 EUR Million Dec 2025
External Debt to GDP 145.00 151.00 percent of GDP Dec 2025
Foreign Direct Investment 1157.51 865.49 EUR Million Feb 2026
Gold Reserves 382.66 382.66 Tonnes Dec 2025
Imports by Category
Imports by Country
Natural Gas Imports 12072.35 19569.63 Terajoule Mar 2026
Remittances 357.65 378.69 EUR Million Feb 2026
Terrorism Index 0.42 0.00 Points Dec 2025
Tourism Revenues 1502.29 1596.42 EUR Million Feb 2026
Tourist Arrivals 1413929.00 955534.00 Persons Mar 2026
Weapons Sales 18.00 8.00 SIPRI TIV Million Dec 2024


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
-2863.02 -2709.88 3.55 -3424.75 1950 - 2026 EUR Million Monthly

News Stream
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.
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).
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.
2026-03-12