Portugal Trade Deficit Narrows in August as Exports Outpace Imports

Portugal’s trade deficit narrowed to €2.99 billion in August 2026, from €3.11 billion a year earlier. Exports increased 6.8% to €5.36 billion, driven by a 61.7% surge in fuels and lubricants, amid higher prices. Exports also rose for machinery and other capital goods (16.7%) and industrial supplies (6.5%), while transport equipment fell 19.1%, mainly due to lower passenger-car sales. Exports to the Netherlands rose 46.8% and to Spain 11.2%, while shipments to the US fell 28.5%. Imports increased just 2.8% to €8.35 billion, led by a 23.5% rise in fuels and lubricants and a 16.7% increase in machinery and other capital goods. Imports of industrial supplies declined 8.6%, mainly due to chemicals. On the other hand, imports rose from China (27.3%) and Spain (8.1%), but plunged from Ireland (75.9%). For the first eight months of 2026, however, Portugal’s trade deficit widened to €24.42 billion, from €21.97 billion a year earlier.

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.

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.