According to data from Statistics Portugal (INE), in March 2026, exports of goods recorded nominal growth rates of 10.6% year-on-year (YoY) and 20.9% month-on-month (MoM) compared to February, reaching €7.5 billion.
Imports grew by 11.6% YoY and 16.3% MoM, totalling €10.4 billion. As a result, the trade balance deficit for goods widened to €2.9 billion, which is €356.1 million higher than in March 2025 and €153.1 million higher than the previous month, mainly reflecting faster growth in imports than in exports.
Imports grew by 11.6% YoY and 16.3% MoM, totalling €10.4 billion. As a result, the trade balance deficit for goods widened to €2.9 billion, which is €356.1 million higher than in March 2025 and €153.1 million higher than the previous month, mainly reflecting faster growth in imports than in exports.
In cumulative terms for 2026 (January to March), exports of goods amounted to €19.7 billion, compared to €21.1 billion in the same period of the previous year, representing a decrease of €1.4 billion (YoY -6.5%). From January to March, Spain was the primary destination for our exports of goods, holding a 26.1% share of the total, followed by France (12.6%) and Germany (12.2%). The US and the UK, with shares of 5.1% and 4.2% respectively, were the main non-EU clients, ranking fourth and sixth overall.
By product group, Machinery and Mechanical Appliances led exports with a 16.8% share, followed by Vehicles and Other Transport Material (13.4%) and Base Metals (8.6%). These categories also saw notable nominal YoY increases, led by Machinery and Mechanical Appliances (+€205.7 million), Base Metals (+€59.4 million), and Minerals and Ores (+€51.3 million).
