Lisbon, Jan. 9, 2026 (Lusa) - Exports of goods fell by 1.7% and imports fell by 7.9% in November 2025, year-on-year, accumulating growth of 0.6% and 4.3% since the beginning of the year, INE announced on Friday.
As a result of this development, the trade deficit in goods decreased by €629 million in November compared to the same month in 2024 and by €867 million compared to October, standing at €1.991 billion, according to Statistics Portugal (INE).
However, when transactions without transfer of ownership (TTE, i.e. transactions related to work on commission) are excluded, the trade deficit in goods totalled €2.246 billion in November, reflecting a worsening of €167 million year-on-year and an improvement of €569 million compared to the previous month.
Considering the accumulated total for the first 11 months of last year, the deficit amounted to €29.079 billion, up €3.792 billion year-on-year. Excluding TTE transactions, the trade deficit in goods totalled €29.361 billion, €3.705 billion above the same period last year.
When these transactions are excluded, exports fell by 1.6% in November (+1.0% in the same period of 2024), while imports rose by 2.7% (+0.8% in the first 11 months of 2024).
Considering only November and excluding TTE transactions, exports contracted 6.2% (-3.6% in October), while imports decreased 2.8% (-3.4% in October).
According to INE, fuels and lubricants were the most penalising factor for exports in November, mainly due to the reduction in transactions of these products (-64.4%). When this category is excluded, the trend is reversed, with growth of 2.5% (after -3.5% in October).
Imports, excluding fuels and lubricants, fell by 6.5% in November (+2.1% in October 2025).
In November last year, unit value indices (prices) remained negative for exports (-0.5%) and imports (-1.8%), compared with -1.4% and -1.8%, respectively, in October 2025 and -1.5% for both flows in November 2024.
Excluding petroleum products, the variation in these indices was also negative: -0.4% (-0.4%, after -1.1% in October 2025 and -0.6% in November 2024) in exports and -1.4% (-1.4% in October 2025; -0.4% in November 2024) in imports.
Month-on-month, exports fell by 2.3% in November (after -5.2% in October 2025), while imports fell by 10.6% (-2.1% in October).
Considering the quarter ending in November 2025, exports increased by 1.7% compared to the same period last year (+1.8% in the quarter ending in October 2025), but excluding TTE, they fell by 2.4% (-2.2% in the quarter ending in October 2025).
In turn, imports decreased by 0.4% compared to the same period last year (+3.4% in the quarter ending in October 2025), and excluding TTE transactions, they grew by 1.3% in this period (+1.9% in the quarter ending in October 2025).
In terms of product categories, INE highlights a ‘sharp decline’ in exports of fuels and lubricants (-64.4%), reflecting a reduction in transaction volume (-66.2%) despite higher prices (+5.5%).
According to the INE, ‘this behaviour is largely associated with the shutdown of national refinery units’.
On the other hand, there was an increase in industrial supplies (+6.9%), driven mainly by the increase in the quantities of chemical products exported to Germany.
In imports, there was a decrease in industrial supplies (-18.0%), mainly chemical products from Ireland, and the decrease in fuels and lubricants (-24.2%), mainly crude petroleum oils, reflecting both the reduction in volume (-14.7%), due to the shutdown of national refinery units, and the fall in prices (-11.1%) - as well as machinery and other capital goods (-7.2%).
In November, fuels and lubricants accounted for 21.0% of the trade deficit in goods (13.3% in October 2025; 12.5% in November 2024), with the trade deficit in goods excluding these products totalling €1,573 million, corresponding to reductions of €721 million compared to November 2024 and €904 million compared to the previous month.
PD/ADB // ADB.
Lusa
