Portuguese exports fall 1.3% in 2Q as imports rise

Portuguese exports of goods fell 1.3% while imports grew 6.4% in 2Q, 2025.

This is according to a back-of-the-envelope calculation published on Tuesday by the National Statistics Institute. (INE)

When excluding TTE transactions, i.e. transactions with a view to or following work to order (without transfer of ownership), the decrease in exports was slightly accentuated, -1.7%, and the increase in imports was less significant, +1.9%.

“This estimate indicates that exports of goods have declined for the first time since the second quarter of 2024, with the variation in the first quarter of 2025 reaching +7.7% (+0.9% excluding TTE),” explains the INE.

On the other hand, data from the statistics office shows that imports of goods increased for the fifth consecutive quarter, ‘although slightly slower than in the previous quarter, when the year-on-year variation was +7.0% (+5.8% when excluding TTE)’.

The quarter under analysis was marked with discussions over tariffs with a 15% tariff from the US expected on European products.

Portuguese associations representing the sectors most exposed to the US consider that a trade agreement between the European Union and the Trump administration is the “possible” agreement – although far from being desirable – and brings relative relief after months of uncertainty and results in a “manageable” outcome.