Portugal’s trade deficit narrowed sharply to €1.99 billion in November 2025, down from €2.62 billion a year earlier, marking the smallest gap since January. Imports fell 7.9% year-on-year to €8.66 billion, extending a two-month streak of decline, driven by an 18% slump in industrial supplies, mainly chemical products from Ireland. Significant declines were also seen in fuels and lubricants (-24.2%), primarily crude petroleum affected by refinery shutdowns and lower prices, as well as in machinery and other capital goods (-7.2%). Exports fell 1.7% to €6.67 billion, weighed down by a steep drop in fuels and lubricants (-64.4%), again largely linked to refinery shutdowns. In contrast, industrial supplies rose 6.9%, supported by higher volumes of chemical products exported to Germany. For the first eleven months of 2025, Portugal posted a trade deficit of €29.1 billion, up from €25.3 billion in the same period of 2024.