Portugal’s trade deficit narrowed to €2.81 billion in May 2026, down from €3.32 billion in the same month a year earlier, driven by stronger exports and weaker imports. Exports rose 5.1% year-on-year to €7.32 billion; excluding fuels and lubricants, they were up 2.3%. The main contribution came from a 14.9% increase in exports of industrial supplies, notably base metals and chemical products.
Among Portugal’s main trading partners, exports to Germany increased 16.6%, while shipments to Belgium jumped 56%, largely due to higher sales of industrial supplies, particularly chemicals.
On the import side, total purchases from abroad fell 1.6% to €10.13 billion, with non-fuel imports declining 6.8%. The steepest drop was recorded in industrial supplies, which contracted 17.2%. By origin, imports from Ireland plunged 80.4% and those from the Netherlands fell 24.3%, mainly reflecting reduced purchases of industrial supplies, including chemical products.
