Portugal's trade deficit widened to €3.63 billion in June, driven by a surge in fuel and lubricant imports

(1) In June, Portugal's trade deficit expanded by 1.12 billion euros year-on-year to 3.63 billion euros, as imports grew significantly faster than exports. (2) Imports increased by 19.6% year-on-year, mainly driven by fuels and lubricants (up 50.7%, primarily crude oil from Brazil) and industrial goods (up 23.5%). Imports from Brazil, the Netherlands, and Germany showed particularly notable increases. (3) Exports grew by 10% year-on-year, with fuels and lubricants (up 69.3%) and industrial goods (up 13.4%, mainly base metals) providing important support. Exports to Spain (up 13.2%) and Germany (up 6.2%) performed strongly. (4) In the second quarter, exports rose 10.3% year-on-year, and imports increased 8.7%. For the first half of the year, exports increased by 1.7% year-on-year, and imports rose by 6.3%.