The Bank of Portugal announced today that the national economy recorded an external surplus of 112 million euros in January, a year-on-year decrease of 510 million euros, or 82%. This deterioration is partly due to a worsening of the goods trade deficit, which increased by 230 million euros, with exports falling by 342 million and imports decreasing by 111 million. Simultaneously, the services surplus contracted by 172 million euros, mainly due to a 108 million drop in the transport services balance, attributed to greater use of maritime freight transport. The reduction in European Union financial contributions also removed 73 million from the secondary income balance, while the capital account fell by about 71 million, largely due to increased acquisition of carbon emission permits. Regarding the financial account, the Bank of Portugal highlights a positive balance of nearly 60 million euros in January, driven mainly by the central bank — through a reduction in deposit liabilities — and by insurance companies and pension funds, which increased assets in deposits. Conversely, banks and public administrations reduced their net external assets, reflecting an increase in deposit liabilities and higher non-resident investment in Portuguese public debt, according to the bank led by Álvaro Santos Pereira. Net external debt falls to 36.2% of GDP in 2025, reaching a low not seen since 2001.