FX.co ★ Portugal’s Trade Deficit Hits Third Highest on Record

In April 2025, Portugal experienced a trade deficit expansion to €3.02 billion, up from €2.40 billion the previous year, ranking as the third-largest deficit on record. This was primarily due to a 5.7% decline in exports, which totaled €6.47 billion. Significant decreases were observed across various sectors, most notably a steep 32.9% reduction in fuel and lubricant exports. Key trading partners also saw downturns in exports: Spain suffered a 3.1% drop mainly in industrial supplies; the Netherlands experienced a 15.6% decrease driven by sharp declines in fuels, lubricants, and industrial supplies; and Italy faced a 9.5% fall, largely attributable to a significant decrease in transport equipment exports. On the other hand, imports climbed by 2.4% to €9.49 billion. Ireland was a noteworthy contributor to this increase, with imports skyrocketing by 792.2%, particularly in industrial supplies, especially chemical products. This spike is largely associated with contract manufacturing transactions, which typically do not involve the transfer of ownership.