As a result of this evolution, the trade deficit in goods reduced by 59 million euros in September compared to the same month in 2024 and 401 million relative to August, standing at 2.588 billion euros, reported the National Statistics Institute (INE).
However, excluding transactions without transfer of ownership (TTE), the trade deficit in goods amounted to 3.014 billion euros, reflecting increases of 645 million year-on-year and 155 million compared to the previous month.
In the first nine months of the year, the accumulated deficit rose to 23.998 billion euros, 4.058 billion more year-on-year. Excluding TTE transactions, the trade deficit in goods totaled 24.076 billion euros, 3.399 billion above the same period last year.
Excluding these transactions, exports slightly retreated (-0.6%) up to September (+0.1% in the same period of 2024), while imports increased by 3.9% (-0.2% in the first nine months of 2024).
Considering only the month of September and excluding TTE transactions, both flows recorded increases, though smaller for exports (+3.6%) and larger for imports (+10.1%), compared to -5.9% and -2.0% in August, respectively.
Excluding “fuels and lubricants,” exports increased by 15.4% in September (+0.8% in August 2025), reflecting a decrease in transactions of this product category (-3.4%).
According to INE, in September, the unit value indices (prices) continued to register negative variations, although smaller than 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, respectively).
Excluding petroleum products, the variation in these indices was also negative: -0.4% (same value in August 2025; -0.1% in September 2024) in exports and -1.1% (-1.5% in August 2025; -3.0% in September 2024) in imports.
Sequentially, exports increased by 42.3% in September (-27.3% in August 2025), while imports rose by 21.7% (-22.1% in August).
Considering the third quarter of 2025, exports decreased slightly compared to the same period last year (-0.3%; -5.0% in the quarter ending in August 2025), with no significant differences when excluding TTE (-0.9% in the quarter ending in August).
Imports increased by 5.4% in relation to the same period last year (+3.7% in the quarter ending in August), with a smaller increase, of 3.1% (+1.7% in the quarter ending in August 2025), when excluding TTE transactions during this period.
In product categories, in September, the INE highlighted the increase in exports of “industrial supplies” (+38.8%), mainly “chemicals” (medicines) destined for Germany.
In imports, almost all product categories recorded increases, notably “fuels and lubricants” (+40.4%), mainly “crude petroleum oils” from Brazil, “reflecting an increase in volume of imports in this product category (+69.3%), accompanied by a decrease in prices.”
The statistical institute highlights the increases in imports of “transport equipment” (+18.4%), primarily “passenger cars,” and “consumer goods” (+12.3%), mainly from Spain.
In September, “fuels and lubricants” represented 23.8% of the trade deficit in goods (15.8% in August 2025; 12.0% in September 2024), with the trade deficit in goods excluding these products totaling 1.973 billion euros, corresponding to improvements of 356 million compared to September 2024 and 543 million relative to the previous month.
