Portugal's trade deficit in goods widened by 2.45 billion euros to a total of 24.42 billion euros through August compared to the same period in 2025. While imports grew faster than exports overall year-to-date, export growth accelerated in August, leading to a slight narrowing of the monthly deficit compared to August 2025.
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The National Statistics Institute (INE) reported that exports of goods grew 3.0% and imports 5.7% year-on-year for the first nine months of 2026. This trade balance resulted in a 3.006 billion euro increase in the trade deficit, reaching a total of 27.875 billion euros.
Portugal's exports of goods grew by 6.5% and imports by 3.6% in the third quarter of 2026 compared to the same period in 2025, according to INE. Excluding specific custom manufacturing transactions (TTE), growth was higher at 10.9% for exports and 7.4% for imports, though both represent a slowdown compared to the second quarter of 2026.
Chinese passenger car exports grew by over 70% in the first nine months of 2026, driven by a surge in demand for electric and hybrid vehicles as domestic Chinese sales declined. The EU and China have reached a provisional understanding that may reduce Chinese hybrid car exports to Europe by approximately half, following concerns over the impact on European automakers.