Portugal: Trade Deficit Narrows in September.

Portugal’s trade deficit narrowed slightly to €2.59 billion in September 2025, down from €2.65 billion a year earlier. Exports surged 14.3% to a seven-month high of €7.24 billion, driven mainly by industrial supplies, which rose 38.8%. Exports to Germany stood out with a remarkable 97.5% increase, largely due to industrial supplies, particularly chemical products and pharmaceuticals. A significant share of these transactions involved contract manufacturing, without a transfer of ownership; excluding these, exports to Germany increased by just 14.7%. Other notable export gains were reported for means of transportation, machinery, and consumer goods. Imports rose 9.4%, supported by fuels and lubricants (up 40.4%), mostly crude oil from Brazil, means of transportation (18.4%), driven by car purchases, and consumer goods (12.3%), mainly from Spain. Over the first nine months of 2025, Portugal recorded a trade deficit of €24.0 billion, up from €19.94 billion in the same period of 2024.