Portugal’s trade deficit shrank to €2.88 billion in April 2026 from €3.03 billion a year earlier, as exports rose 15.5% to €7.40 billion, with gains across all categories. Fuels and lubricants exports surged 32%, driven by a 30.2% rise in energy costs linked to the Iran conflict. Industrial supplies exports grew 15.8%, mainly due to metals, while machinery and capital goods exports climbed 23.1%. Exports to Spain, France, and Germany rose by 11.1%, 12.5%, and 12.0%, respectively. Imports grew 8.9% to €10.28 billion, just below March’s record €10.44 billion, led by transport equipment (22.5%, mostly vehicles from Spain), fuels and lubricants (37%, due to higher energy costs), and machinery (17.8%, mainly from the Netherlands). However, industrial supplies imports fell 9%, primarily due to a drop in chemicals from Ireland for contract processing without ownership transfer. From January to April, the trade deficit widened to €11.43 billion from €9.33 billion in the same period of 2025.