Agência para o Investimento e Comércio Externo de Portugal


The trade deficit fell by 2.8 million euros in the first nine months of this year. The ratio of exports to imports was 74.5%, an increase of 2.5 percentage points and an improvement compared with the same period last year. Exports totalled 58.4 billion euros, with Spain as the top destination for Portuguese goods and machinery and equipment as the main export, accounting for 15.4 per cent.

According to data from the National Statistics Institute (INE), exports of goods between January and September totalled 58.4 billion euros. This decline in exports (-0.6 per cent) compared to the same period in 2022 was offset by the 3.9 per cent fall in imports. These figures led to an improvement in the trade balance, with a reduction in the deficit of 2.8 million euros, to a total of 20.0 billion euros.


Spain was the main destination of our goods exports, accounting for 25.6 per cent of the total, followed by France (13.2 per cent) and Germany (10.9 per cent). The United States and the United Kingdom, with shares of 6.5% and 4.7%, respectively, were the main customers outside the European Union and ranked fourth and fifth overall.


France made the most significant positive contribution to total exports with an increase of 442 million euro (+6.1 percent), followed by Morocco (+52.4 percent), Algeria (+106.1 percent), Japan (+85.3 percent) and Belgium (+8.1 percent).


By product, machinery and equipment was the most export, accounting for 15.4% of total exports, followed by vehicles and other transport equipment (13.1%) and base metals (8.6%).