FX.co ★ Portugal Trade Deficit Narrows in September

Portugal's trade deficit experienced a modest reduction in September 2025, narrowing to €2.59 billion from €2.65 billion in the previous year. The country witnessed a robust growth in exports, which climbed 14.3% to reach a seven-month peak of €7.24 billion. This surge was primarily fueled by a significant rise in industrial supplies, which increased by 38.8%. Exports to Germany were particularly noteworthy, showing an astonishing 97.5% increase, driven predominantly by chemical products and pharmaceuticals. However, a substantial portion of these transactions were related to contract manufacturing without the transfer of ownership; excluding these, the export growth to Germany was a more modest 14.7%. Additional gains in exports were observed in transportation equipment, machinery, and consumer goods. On the import front, a 9.4% increase brought the total to €9.82 billion, aided by a 40.4% rise in fuels and lubricants, mostly crude oil from Brazil, a 18.4% increase in transportation equipment due to car purchases, and a 12.3% rise in consumer goods, primarily from Spain. Throughout the first nine months of 2025, Portugal's trade deficit expanded to €24.0 billion, compared to €19.94 billion in the corresponding period of 2024.