The trade deficit in Portugal shrank to EUR 1370 million in December of 2020 from EUR 1429 million a year earlier. source: Statistics Portugal

Balance of Trade in Portugal averaged -559.61 EUR Million from 1950 until 2020, reaching an all time high of 3.55 EUR Million in May of 1955 and a record low of -2524.87 EUR Million in June of 2010. 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 March of 2021.

Balance of Trade in Portugal is expected to be -1460.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Portugal to stand at -1440.00 in 12 months time. In the long-term, the Portugal Balance of Trade is projected to trend around -1440.00 EUR Million in 2022 and -1490.00 EUR Million in 2023, according to our econometric models.

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Portugal Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-1370.00 -892.94 3.55 -2524.87 1950 - 2020 EUR Million Monthly

Calendar GMT Actual Previous Consensus TEForecast
2020-11-09 11:00 AM Sep €-1088M €-1131M €-1210M
2020-12-10 11:00 AM Oct €-965M €-1132M €-1270M
2021-01-08 11:00 AM Nov €-888M €-999M €-1200M
2021-02-09 11:00 AM Dec €-1370M €-893M €-1060M
2021-03-12 11:00 AM Jan €-1370M €-1280M
2021-04-09 10:00 AM Feb
2021-05-07 10:00 AM Mar
2021-06-09 10:00 AM Apr

News Stream
Portugal Trade Deficit Nearly Halves in October
The trade deficit in Portugal fell sharply to EUR 0.965 billion in October of 2020 from EUR 1.7 billion a year earlier as imports continued to decline and at the fastest pace in three months. Imports slumped 11.8 percent year-on-year to EUR 6.4 billion, mainly due to falling purchases of fuels and lubricants (-36.9 percent) and transportation material (-16.8 percent). Meanwhile, exports dropped 2.2 percent to EUR 5.45 billion, reversing from a 0.2 percent rise in September mainly due to industrial supplies.
Portugal Trade Gap Falls as Imports Continue to Slump
Portugal trade deficit narrowed to EUR 1.088 billion in September of 2020 from EUR 1.73 billion a year earlier as imports continue to fall although it was the smallest decline in seven months. Purchases slumped 9.9 percent year-on-year to EUR 6 billion, mainly due to falling imports of fuels and lubricants (-39.4 percent) mainly from Angola and transportation material (-19.9 percent), namely airplanes from France. Meanwhile, exports edged down 0.4 percent to EUR 4.972 billion, mainly due to fuels and lubricants. Excluding this category, sales went up 0.2 percent, boosted by shipments of machinery and other capital goods (12.1 percent) and food and drinks (5.2 percent), mostly to Spain. Considering the third quarter of the year, exports went down 3.3 percent and imports fell 13.8 percent.
Portugal Trade gap Shrinks in August on Lower Imports
The trade deficit in Portugal shrank to EUR 1.05 billion in August of 2020 from EUR 1.6 billion a year earlier. Exports dropped 1.4 percent to EUR 3.77 billion, the smallest decline in six months when the coronavirus hit the economy, and led by a 7.2 percent plunge in industrial supplies. Imports continued to fall at double digits for the sixth month, by 11.6 percent to EUR 4.82 billion, mainly due to transport material (-32.9 percent), namely airplanes.
Portugal Trade Gap Lowest in 4 Years
The Portuguese trade deficit narrowed sharply to EUR 716 million in July of 2020 from EUR 1864 million a year earlier. It is the lowest trade gap since July of 2016 as the coronavirus pandemic continues to hurt both exports and imports. Exports went down 7.3 percent year-on-year to EUR 5 billion, marking the fifth straight decline. The biggest drops were seen in sales of fuels and lubricants (-59.5 percent) mainly to the US and industrial supplies (-37.5 percent). Imports sank 21.2 percent to EUR 5.72 billion, marking the sixth fall so far this year, amid lower purchases of transport equipment (-37.5 percent), mainly airplanes from France; and fuels and lubricants (-53 percent) mainly from Angola after main Portuguese refineries closed during the most critical months of the pandemic.

Portugal Balance of Trade
In 2017, the Portuguese trade deficit widened sharply by 23.4 percent from the previous year to EUR 13.8 billion, the largest trade gap since 2011. Imports rose by 12.5 percent, the most since 2010, while exports increased at a slower 10.1 percent, the biggest gain since 2011. The largest trade deficits were recorded with Spain, Germany, Italy, the Netherlands, Russia and China, while the biggest trade surpluses were recorded with the United States, the United Kingdom and France.