Portugal trade deficit widens to EUR 3.63 billion in June 2026
Imports grew faster than exports as fuels and industrial supplies drove the gap wider, though second-quarter and first-half trade data showed export momentum held up.
Portugal's trade deficit widened to EUR 3.63 billion in June 2026 from EUR 2.51 billion a year earlier, as imports rose much faster than exports. Imports increased 19.6% year on year, led by a 50.7% jump in fuels and lubricants, especially crude oil from Brazil, and a 23.5% increase in industrial supplies. Imports from Brazil, the Netherlands and Germany posted particularly sharp gains. Exports rose 10% from a year earlier, supported by a 69.3% surge in fuels and lubricants and a 13.4% rise in industrial supplies, particularly base metals, with shipments to Spain and Germany strengthening. In the second quarter, exports climbed 10.3% and imports advanced 8.7%. For the first half of 2026, exports were up 1.7% year on year, while imports increased 6.3%, underscoring continued pressure on Portugal's trade balance.
- trade deficit: The amount by which a country's imports exceed its exports over a given period.
- industrial supplies: Goods used as inputs in production, such as raw materials and intermediate products.
- fuels and lubricants: Energy-related imports and exports, including products such as crude oil and refined fuel.