Portugal’s trade deficit widened to €3.21 billion in September 2026, up from €2.89 billion in the same month a year earlier, as import growth continued to outpace exports. Total imports rose 7.2% to €10.82 billion, the second-highest monthly level on record. This increase was driven primarily by a 53.5% surge in imports of fuels and lubricants, reflecting a sharp 51.8% rise in prices. Purchases of machinery and capital goods also expanded robustly, climbing 11.1%.
By trading partner, imports from Spain and Brazil advanced 11.9% and 26.6%, respectively. Imports from Nigeria rose particularly sharply, jumping 174.2%, largely due to higher purchases of liquefied natural gas.
Exports, meanwhile, grew at a slower pace, increasing 5.7% year-on-year to €7.61 billion. Export growth was supported by an 89.5% rise in fuels and lubricants and a 21.2% increase in machinery and capital goods. These gains were partially offset by a 6.6% decline in exports of industrial supplies, mainly reflecting weaker chemical product sales to Germany. Exports to Spain and Belgium rose by 21.8% and 57.9%, respectively.
Over the first nine months of 2026, Portugal’s cumulative trade deficit widened to €27.88 billion, compared with €24.87 billion in the same period a year earlier.
