Portugal's trade gap widens as imports outpace export growth in 2026
Portugal's trade deficit grew in the first eight months of 2026, with imports rising faster than exports, according to the Instituto Nacional de Estatística.
The Instituto Nacional de Estatística reported that Portugal's trade balance deteriorated through August 2026 as import growth outstripped export growth. Overall, exports rose modestly, but imports expanded more rapidly, expanding the deficit. August saw a 6.8% increase in exports versus a 2.8% rise in imports, which temporarily reduced the deficit by 115 million euros.
When transactions without transfer of ownership are excluded, the deficit widened by 47 million euros. Export performance was driven by a strong jump in machinery and capital goods, while transport equipment shipments dropped 19.1%. On the import side, fuel price increases and higher purchases of machinery also contributed to the larger gap. Spain and the Netherlands were the top destinations for Portuguese exports, while imports from Spain and China led the inflow.
