FX.co ★ Portugal Trade Gap Widens in June

Portugal’s trade deficit widened to €3.63 billion in June 2026, an increase of €1.12 billion compared with the same month a year earlier, as imports expanded far more rapidly than exports. Imports rose 19.6% year-on-year, driven primarily by a 50.7% surge in fuels and lubricants—especially crude oil sourced from Brazil—reflecting higher prices. Industrial supplies also contributed significantly, with imports in this category up 23.5%. The strongest import growth came from Brazil, the Netherlands, and Germany.

Exports increased 10% year-on-year, supported by a 69.3% jump in fuels and lubricants and a 13.4% rise in industrial supplies, notably base metals. Exports to Spain and Germany strengthened, growing 13.2% and 6.2%, respectively.

In the second quarter of 2026, exports were up 10.3% compared with a year earlier, while imports grew 8.7%. Over the first half of 2026 as a whole, exports increased 1.7% year-on-year, whereas imports rose 6.3%.