As Portuguese exports of goods grew 14.3% in Septemberreversing the downward trend seen in August (-1.6% in August). For this performance, after the conclusion of the trade agreement with the USA, the main contribution came from “transactions without transfer of intellectual property”, corresponding to custom work, with emphasis on medicines destined for Germany, indicates the INE – National Institute of Statistics.
The numbers also show that imports grew 9.4%below exports, meaning that the trade balance deficit was €2,588 million, which represents a reduction of €59 million compared to the same month last year, show INE’s international trade statistics released this Monday.
Already in nine months, the increase in imports is 6.5% and the trade balance deficit reaches €23.9 billion, which reflects a year-on-year worsening of €4 billion. In the same period, sales abroad increased by 1.9% year-on-year and, excluding custom work, recorded a fall of 0.6%.
“In September 2025, unit value indices (prices) continued to register negative variations, although of a smaller magnitude compared to the previous month: -1.2% in exports and -2.1% in imports (-1.7% and -2.9%, respectively, in August 2025; -0.5% and -4.2% in September 2024, in the same order)”, highlights the INE.
Germany grows 97.5%
By product category, INE highlights the increase in industrial supply transactions (+38.8%), mostly chemical products destined for Germany, but excluding orders the increase in this item is 3.9%.
By geography, the sharpest growth is in Germany (97.5%), once again due to medicines, but the USA also rose 18.7% in September, says INE. In the quarter, the trend is also positive, but the percentages are more discreet: 2.4% in Germany and 3.9% in the USA.
By products, the biggest increases until September were led by chemical products (30%), machines and appliances (6.3%) and vehicles (5.9%).
Excluding fuels and lubricants, exports increased by 15.4%, reflecting a decrease in transactions in this product category of 3.4%.