Exports up 0.5% in 2025 but plummet by 13.4% to US

The sale of Portuguese goods overseas in 2025 were up 0.5% on the previous year driven by a growth in exports to Germany.

However, sales to the United States fell 13.4% on the back of tariffs instigated by that country.

Imports grew at a greater rate than exports at 3.9%, resulting in a deterioration in Portugal’s overseas trade balance.

“The first annual results for 2025 point to increases in exports and imports of 0.5% and 3.9% respectively (+2% and +2% in 2024, in the same order,” indicate the first results from Portugal’s National Statistics Institute (INE) for last year.

The trade deficit worsened by €3,7Bn, reaching €32,1Bn, translating into a coverage rate of 2.4 percentage points, which stood at 71.2% in 2025.

National exports reached €79.3Bn in 2025, corresponding to an annual increase of 0.5%, or €417 million.

In terms of export destinations, the INE (National Institute of Statistics) indicates that the market that contributed most to this increase was Germany, which remained the second main destination for national goods, with a share of 13.9% (+1.7 percentage points compared to 2024).

Exports to Germany increased by 14.5%, or €1.4Bn, a rise led by industrial supplies that largely resulted from transactions without transfer of ownership.

Source: INE

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