FX.co ★ Portugal’s Trade Gap Narrows Slightly in January 2026

Portugal’s trade deficit eased modestly at the start of 2026, with the trade balance improving to -7.46 billion in January 2026 from -7.80 billion in December 2025. The latest figures, updated on 12 March 2026, suggest a slight reduction in external imbalances after a wider gap at the end of last year.

While the deficit remains substantial, the month-on-month improvement indicates either a relative strengthening in exports, a moderation in imports, or a combination of both. Analysts will be watching upcoming releases closely to determine whether January’s narrowing marks the beginning of a more sustained adjustment in Portugal’s trade position or a temporary correction following December’s weaker reading.