Portugal Trade Deficit Narrows in July as Exports Outpace Imports

2026-09-09 10:39 By Joana Ferreira 1 min. read

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.



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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