Portugal Balance of Trade

Last Release

Aug 31, 2024

Actual

-2,640.36

Units In

EUR Million

-2,085

Frequency

Monthly

Next Release

Nov 08, 2024

Time to Release

27 Days 13 Hours

Highest	Lowest	Average	Date Range	Source
3.55 May 1955	-3,501.18 Aug 2022	-636.53 EUR Million	1950-2024	Statistics Portugal

In 2017, the Portuguese trade deficit widened sharply by 23.4 percent from the previous year to EUR 13.8 billion, the largest trade gap since 2011. Imports rose by 12.5 percent, the most since 2010, while exports increased at a slower 10.1 percent, the biggest gain since 2011. The largest trade deficits were recorded with Spain, Germany, Italy, the Netherlands, Russia and China, while the biggest trade surpluses were recorded with the United States, the United Kingdom and France.

Latest Updates

Portugal's trade deficit widened to €2.640 billion in August 2024, the most since October, from €2.449 billion in the same month last year. Imports increased by 1.6% year-on-year to €7.889 billion, mainly due to higher purchases of vehicles & other transportation equipment (5%); optics & precision (6.4%); chemicals (1.9%); and food products (3.2%). Imports rose from Spain (2.2%), France (7.5%), China (15.3%), and Italy (25.9%). Meanwhile, exports fell by 1.3% year-on-year to €5.249 billion, hitting a new 3-year low, driven by lower sales of footwear (-12.4%); clothing (-8.8%); vehicles & other transport equipment (-7.9%); and wood & cork (-6.7%). Among major trade partners, exports fell to France (-1%), the US (-13.9%), the UK (-12.6%), and Belgium (-16.8%).