Portugal’s trade deficit widened to €3.63 billion in June 2026, up €1.12 billion from a year earlier, as imports grew significantly faster than exports. Imports surged 19.6% year-on-year, driven mainly by a 50.7% increase in fuels and lubricants, particularly crude oil from Brazil, reflecting higher prices. Industrial supplies also contributed strongly, rising 23.5%. Imports from Brazil, the Netherlands and Germany recorded particularly sharp increases. Exports, meanwhile, rose 10% year-on-year, supported by a 69.3% jump in fuels and lubricants and a 13.4% increase in industrial supplies, particularly base metals. Exports to Spain (13.2%) and Germany (6.2%) strengthened. In the second quarter, exports increased 10.3% year-on-year, while imports rose 8.7%. During the first half of 2026, exports were up 1.7% from a year earlier, compared with a 6.3% increase in imports.