Portugal’s trade deficit narrowed to €2.99 billion in August 2026, down from €3.11 billion in August 2025. Exports rose 6.8% to €5.36 billion, largely driven by a 61.7% surge in fuels and lubricants, reflecting higher prices. There were also export gains in machinery and other capital goods (up 16.7%) and in industrial supplies (up 6.5%), while exports of transport equipment fell 19.1%, mainly due to weaker passenger-car sales.
By destination, exports to the Netherlands increased 46.8% and those to Spain grew 11.2%, whereas shipments to the United States declined 28.5%.
Imports rose at a slower pace, up 2.8% to €8.35 billion. This increase was led by a 23.5% rise in fuels and lubricants and a 16.7% gain in machinery and other capital goods. In contrast, imports of industrial supplies fell 8.6%, largely due to lower purchases of chemicals. Geographically, imports from China grew 27.3% and from Spain 8.1%, while imports from Ireland dropped sharply by 75.9%.
Despite the improvement in August, Portugal’s trade deficit widened over the first eight months of 2026, reaching €24.42 billion, compared with €21.97 billion in the same period of the previous year.
