Portugal Trade Gap Narrows in December

2026-02-09 11:26 By Joana Ferreira 1 min. read

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.



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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.
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