FX.co ★ Portugal Trade Deficit Narrows to Lowest in 10 Months

In November 2025, Portugal experienced a notable reduction in its trade deficit, which decreased to €1.99 billion from €2.62 billion in the same month the previous year. This represents the narrowest trade gap since January. Imports declined by 7.9% year-on-year, amounting to €8.66 billion and marking a continued two-month trend of decline. This downturn was largely attributed to an 18% reduction in industrial supplies, notably chemical products from Ireland. Significant decreases were also observed in fuels and lubricants, which fell by 24.2% due to refinery shutdowns and falling crude petroleum prices, as well as in machinery and other capital goods, which dropped by 7.2%. Conversely, exports also dipped by 1.7%, reaching €6.67 billion, primarily due to a significant 64.4% fall in fuels and lubricants, once again influenced by refinery shutdowns. However, exports of industrial supplies increased by 6.9%, buoyed by a rise in chemical product shipments to Germany. Over the first eleven months of 2025, Portugal recorded a trade deficit of €29.1 billion, up from €25.3 billion during the same period in 2024.