Portugal’s trade deficit widened to €2.80 billion in October 2025, slightly above €2.73 billion a year earlier. Exports fell 5.2%, driven mainly by a sharp drop in fuels and lubricants (-42.5%) partly due to the shutdown of units at the national refinery. Industrial supplies also declined (-7.3%), largely reflecting lower chemical exports. Exports to the US tumbled 42.6%, affected by tariffs on pharmaceuticals and mostly linked to contract manufacturing transactions (without a transfer of ownership). Excluding these transactions, the decline was more moderate at -15.4%. Imports decreased more modestly, down 3.0%. Purchases from Brazil plummeted (-87.9%), primarily due to crude oil, while imports from China rose 29.8%, mainly in fuels, lubricants, and industrial supplies. For the first ten months of 2025, Portugal posted a trade deficit of €26.9 billion, up from €22.7 billion in the same period of 2024.