Portugal’s trade deficit widened to €2.51 billion in January 2026, up from €1.73 billion in the same month last year, as exports fell more sharply than imports. Exports dropped 14.1% to €6.06 billion, the steepest annual decline since the post-COVID-19 slump in 2020, driven by a 27.5% fall in industrial supplies, particularly chemical sales to Germany. Exports of fuels and lubricants also tumbled 33.5%. Imports declined more modestly, down 2.5% to €8.57 billion, marking the fourth consecutive month of reduction, largely due to lower industrial supply purchases, especially chemicals from Ireland.