Portugal's goods trade gap is €3bn wider than last year. In September, fuel did most of the damage
The goods trade deficit reached €3,209 million in September, €314 million more than a year earlier, INE says, with fuels behind 74% of the rise in imports. January to September it totals €27,875 million, up €3,006 million.
Portugal bought €723 million more in goods from abroad in September than a year earlier, and sold €409 million more. The gap pushed the goods trade deficit up by €314 million, to €3,209 million. According to INE’s international trade statistics, 74% of the rise in imports came from a single category: fuels and lubricants.
In percentage terms, exports rose 5.7% and imports 7.2% on September 2025.
Why is fuel weighing so heavily on Portugal’s trade deficit?
Mostly price. Imported fuels cost 51.8% more than a year earlier, while the volume Portugal bought rose just 1.1%. Overall import prices were up 8.4%, but strip out petroleum products and the rise drops to 4.6%. Purchases from Brazil grew 26.6%, almost all crude oil, and imports from Nigeria nearly tripled (+174.2%), mostly liquefied natural gas.
Fuels made up 26.1% of September’s deficit, against 14.9% a year earlier. By our count that is roughly €837 million in a single month.
Take them out and the picture calms down a lot. Non-fuel imports rose only 2.1% and non-fuel exports 1.2%. The deficit without fuels came to €2,372 million, just €109 million worse than in September 2025.
If oil imports are up, why are fuel exports up too?
Because Portugal also sells refined fuels. Exports in that category nearly doubled (+89.5%), but again price did the heavy lifting (+61.5%) while volume rose a more modest 17.4%. Sales to Spain grew 21.8%, helped by fuels and industrial supplies. Exports to Germany, one of the biggest customers, fell 36.2%, but for a different reason: INE puts it mainly down to a drop in chemicals.
How big is the deficit so far this year?
From January to September the goods deficit adds up to €27,875 million, €3,006 million more than in the first nine months of 2025. On our maths that is about 12% worse, or close to €3.1 billion a month on average. Exports are up 3.0% year to date and imports 5.7%.
One nuance balances the picture. Across the third quarter as a whole, the deficit actually narrowed by €130 million, as exports grew faster than imports. September was the odd month out, and energy is why. If you follow oil, our markets tracker keeps the running story.
By Beatriz Mota
Image: Nuno Morão / Wikimedia Commons (CC BY-SA 2.0)
