Exports of goods increased by 0.5% in 2025, while imports rose by 3.9%, according to data released this Monday by the National Statistics Institute (INE).
According to the summary of the first annual results for 2025, exports registered a slowdown compared to the previous year, when they had grown by 2%, but imports accelerated compared to 2024, when they also increased by 2%.
Excluding transactions without transfer of ownership, “the increase in imports is mitigated (+2.3%), while a reversal is observed in exports, with a decrease of 1.6%”, indicates INE.
The trade balance deficit worsened by 3,752 million euros, reaching 32,100 million euros in 2025.
The statistics office highlights that fuels and lubricants “penalized the balance of trade in 2025, which stood at -26,817 million euros when this category of goods is excluded”, due to the sharper increases in exports and imports.
This highlight also includes monthly international trade data, which indicate that in December 2025, exports fell by 0.7% and imports of goods fell by 2.7%, a behavior influenced by the stoppage of Galp’s Sines refinery at the end of last year.
With regard to product categories, in December 2025, “the strong decrease in exports of fuels and lubricants (-24.2%) stood out”, a behavior that is, to a large extent, “associated with the shutdown of national refinery units in the last months of the year”, explains INE.
As for partner countries, exports to the United States fell 25.9%, mainly due to lower purchases of gasoline, while to the United Kingdom they fell 21.5%, reflecting a decrease in exports of passenger vehicles.
Regarding imports, “the decrease in fuels and lubricants (-52.7%) stands out, mostly crude oil from Brazil and Algeria, reflecting both the reduction in volume (-49.9%), still associated with the stoppage of national refinery units, and the drop in prices (-5.4%)”.
Looking at the main partner countries in the previous year, “we highlight the decrease in imports from Brazil (-83.3%) and, although not one of the main partner countries in the previous year, Algeria (-71.1%), essentially Fuels and lubricants in both cases”, according to the statistics office.
Leave a Reply