Portugal Trade Deficit Rises in July

Portugal's trade deficit widened to €3.293 billion in July 2025 from €2.12 billion a year earlier, as imports rose while exports fell sharply. Imports grew 2.8%, driven by industrial supplies (+8.1%), especially chemical products from Ireland, though excluding processing transactions they fell slightly (-0.8%). Transport equipment (+15.2%), notably German cars, and consumer goods (+9.3%), mainly from Spain, also rose. In contrast, fuel imports dropped 29.4% due to lower crude oil prices and volumes. Imports from Ireland surged 76.3% (or 9.4% excluding processing), while Spain grew 6.1%. Exports fell 11.3%, led by industrial supplies (-29.3%), especially chemicals to Germany and the US, though excluding processing these edged up 0.4%. Transport equipment exports rose 17.8%, cushioning the decline. Exports to Germany (-46.4%) and the US (-37.1%) plunged, largely in chemicals. For the May–July 2025 quarter, imports rose 6.6% while exports fell 3.4%.