FX.co ★ Portugal Trade Gap Widens in March

Portugal's trade deficit expanded to EUR 2,442 million in March 2025, up from EUR 1,759 million in March 2024, as import volumes increased more significantly than exports. Imports experienced a robust rise of 8.3%, reaching EUR 9,266 million, driven by heightened acquisitions of machinery and mechanical appliances (5.6%), vehicles and other transport equipment (0.6%), and chemical products (17.3%). Major trading partners witnessed an increase in imports from Spain (9.2%), Germany (15%), France (2.6%), and the Netherlands (15.3%). On the export side, there was a modest increase of 0.5%, totaling EUR 6,820 million. Gains in the exportation of machinery and mechanical appliances (7.4%) and chemical products (100.9%) were largely neutralized by declines in the export of vehicles, other transport equipment (-6.1%), mineral fuels (-6.8%), cellulose pulp and paper (-1.1%), clothing (-1.1%), and optical and precision instruments (-2.7%). Exports rose to Spain by 12.8%, yet experienced drops to Germany (-3.5%), France (-0.8%), the United States (-8.6%), and the United Kingdom (-6.6%).