Portugal Balance of Trade

Last Release

Oct 31, 2025

Actual

-2,804.64

Units In

EUR Million

-2,588.18

Frequency

Monthly

Next Release

Jan 09, 2026

Time to Release

28 Days 9 Hours

Highest	Lowest	Average	Date Range	Source
3.55 May 1955	-3,501.18 Aug 2022	-667.06 EUR Million	1950-2025	Statistics Portugal

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.

Latest Updates

Portugal’s trade deficit widened to €2.80 billion in October 2025, slightly above €2.73 billion a year earlier. Exports fell 5.2%, driven mainly by a sharp drop in fuels and lubricants (-42.5%) partly due to the shutdown of units at the national refinery. Industrial supplies also declined (-7.3%), largely reflecting lower chemical exports. Exports to the US tumbled 42.6%, affected by tariffs on pharmaceuticals and mostly linked to contract manufacturing transactions (without a transfer of ownership). Excluding these transactions, the decline was more moderate at -15.4%. Imports decreased more modestly, down 3.0%. Purchases from Brazil plummeted (-87.9%), primarily due to crude oil, while imports from China rose 29.8%, mainly in fuels, lubricants, and industrial supplies. For the first ten months of 2025, Portugal posted a trade deficit of €26.9 billion, up from €22.7 billion in the same period of 2024.