Portugal closed 2025 with a modest increase in exports of goods, while imports expanded at a significantly faster pace, according to new data released Instituto Nacional de Estatistica. The figures point to growing pressure on the country’s trade balance and underline the impact of energy products and refinery disruptions on external trade performance.
Official data show that exports of goods rose 0.5% in 2025, a clear slowdown compared with the previous year when growth reached 2%. Imports, contrast, increased 3.9%, accelerating from the 2% rise recorded in 2024. The divergence between exports and imports contributed to a wider trade gap and reflected shifting demand patterns as well as sector specific disruptions.
When excluding transactions carried out without a transfer of ownership, the picture becomes more mixed. Under this adjusted measure, imports still increased, though at a slower pace of 2.3%, while exports moved in the opposite direction, registering a decline of 1.6%. According to the statistics office, this reversal highlights structural weaknesses in certain export categories and the heavy influence of energy related products on overall trade figures.
Fuels and lubricants played a particularly important role in shaping the trade outcome in 2025. The statistics office noted that this category penalised the trade balance, which stood at 26.8 billion euros in deficit when fuels and lubricants were excluded. This reflects the sharper movements in both exports and imports of energy products over the year and their outsized effect on the final balance.
Monthly data for international trade also provide insight into how the year ended. In December 2025, exports fell 0.7% while imports declined 2.7%. These developments were strongly influenced the shutdown of Galp Sines Refinery toward the end of the year, which disrupted both export and import flows of refined petroleum products.
Looking more closely at product categories, December saw a sharp fall in exports of fuels and lubricants of 24.2%. The statistics office linked this drop largely to the suspension of operations at national refinery units during the final months of the year. This disruption reduced Portugal’s capacity to export refined products and also affected related trade flows.
Trade with key partner countries also shifted notably. Exports to the United States dropped 25.9%, mainly due to lower purchases of petrol. Shipments to the United Kingdom fell 21.5%, reflecting weaker exports of passenger vehicles. On the import side, fuels and lubricants again stood out, with a decline of 52.7%, driven reduced volumes and lower prices, particularly for crude oil sourced from Brazil and Algeria.
Overall, the data suggest that while Portugal maintained export growth in 2025, rising imports and energy sector disruptions weighed heavily on trade performance and exposed vulnerabilities linked to fuel dependency.
