Portugal Balance of Trade

Last Release

Nov 30, 2025

Actual

-1,991.22

Units In

EUR Million

-2,804.64

Frequency

Monthly

Next Release

Feb 09, 2026

Time to Release

28 Days 23 Hours

Highest	Lowest	Average	Date Range	Source
3.55 May 1955	-3,501.18 Aug 2022	-668.51 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 narrowed sharply to €1.99 billion in November 2025, down from €2.62 billion a year earlier, marking the smallest gap since January. Imports fell 7.9% year-on-year to €8.66 billion, extending a two-month streak of decline, driven by an 18% slump in industrial supplies, mainly chemical products from Ireland. Significant declines were also seen in fuels and lubricants (-24.2%), primarily crude petroleum affected by refinery shutdowns and lower prices, as well as in machinery and other capital goods (-7.2%). Exports fell 1.7% to €6.67 billion, weighed down by a steep drop in fuels and lubricants (-64.4%), again largely linked to refinery shutdowns. In contrast, industrial supplies rose 6.9%, supported by higher volumes of chemical products exported to Germany. For the first eleven months of 2025, Portugal posted a trade deficit of €29.1 billion, up from €25.3 billion in the same period of 2024.