Portugal’s trade deficit narrowed to €2.88 billion in April 2026, down from €3.03 billion in April 2025, as exports climbed 15.5% to €7.40 billion, with growth recorded across all major categories. Exports of fuels and lubricants jumped 32%, reflecting a 30.2% increase in energy prices associated with the conflict in Iran. Industrial supplies exports rose 15.8%, largely driven by metals, while exports of machinery and capital goods advanced 23.1%. Geographically, exports to Spain, France, and Germany grew by 11.1%, 12.5%, and 12.0%, respectively.
Imports increased 8.9% to €10.28 billion, just below March’s record level of €10.44 billion. The expansion was led by transport equipment (up 22.5%, mainly vehicles sourced from Spain), fuels and lubricants (up 37%, reflecting higher energy costs), and machinery (up 17.8%, largely from the Netherlands). By contrast, imports of industrial supplies declined 9%, primarily because of a drop in chemicals from Ireland for contract processing without transfer of ownership.
Over the first four months of the year, however, the cumulative trade deficit widened to €11.43 billion, compared with €9.33 billion in the same period of 2025.
