Portugal’s goods exports reached €54.1bn between January and August 2026, up 2.9% on the same period of 2025, according to Statistics Portugal (INE). Imports grew faster, by 5.3% to €78.6bn, widening the trade deficit to €24.4bn and lowering the import coverage rate to 68.9%, 1.6 percentage points below a year earlier.
In August alone, exports rose 6.8% year on year to €5.4bn, while imports grew 2.8% to €8.4bn. Excluding transactions without change of ownership (goods sent for or after processing under contract), exports grew 6.7% in the first eight months, which suggests underlying demand is stronger than the headline figure. Non-energy exports, 93% of the total, rose 1.5% to €50.3bn.
Markets: Spain, France and China up; Germany, the US and the UK down
The EU took 71.6% of Portuguese exports (up 3.0%), and non-EU markets 28.4% (up 2.7%). Spain remains the main destination, with a 26.2% share, ahead of Germany (11.9%) and France (11.8%). The US (5.4%) and the UK (4.1%) are the top non-EU customers.
- Biggest gains: Spain (+€659.5m, +4.9%), France (+€192.1m, +3.1%) and China (+€165.6m, +39.8%).
- Biggest falls: Germany (-€686.2m, -9.6%), the US (-€524.3m, -15.1%) and the UK (-€172.4m, -7.2%).
INE notes that the effect of transactions without change of ownership is particularly visible in lower pharmaceutical exports to Germany.
Products: machinery and metals lead
Machinery and appliances are the top export group, with a 16.5% share and growth of 10.4% (+€841.1m). Vehicles and other transport equipment follow (12.4%, down 1.8%), then base metals (8.4%, up 13.1%, or +€528.3m). Mineral fuels also grew strongly (+25.2%). The main decline was in chemicals (-€1.4bn, -28.4%), followed by pulp and paper (-3.7%).
Prices are rising
The export unit value index rose 6.8% year on year in August, the continuation of a rise that began in March, and 3.8% excluding petroleum products. This means part of the nominal growth reflects higher prices rather than higher volumes.
Technology intensity
Between January and July, manufactured industrial goods made up 92.5% of exports (up 1.4%). High-technology products, 12.3% of the total, fell 20.2%, while medium-high technology (31.3%) grew 6.2%, medium-low (24.3%) 9.5% and low technology (32%) 1.9%.
Portugal in the EU
Between January and July, Portugal was the EU’s 17th largest exporter, with a 1.2% share. Its exports grew 2.5%, below the EU27 (+3.4%) and the euro area (+3.0%).
INE will publish the January to September figures on 9 November 2026.
Source: AICEP, INE, 9 October 2026
