Exports fall 14.1% in January and trade balance deficit rises to 2.5 billion

Exports of goods fell by 14.1% in January 2026, while imports decreased by 2.5%, according to data released this Thursday, the 12th, by the National Statistics Institute (INE). The trade deficit for goods worsened by 778 million compared to January 2025, reaching 2.5 billion. INE notes that industrial supplies saw a sharp contraction (-27.5%), largely linked to lower exports of chemical products to Germany, mostly related to contract work transactions without transfer of ownership. Exports of fuels and lubricants fell by 33.5%, with a reduction in both volume (-25.5%) and prices (-10.7%). The agency suggests this trend may be associated with the shutdown of units at the national refinery in the final months of 2025. Excluding fuels and lubricants, exports fell by 12.9%, after rising 0.9% in December. Among the main destinations, significant declines in sales to Germany (-44.3%) and Spain (-7.4%) stand out, associated with the aforementioned segments. In imports, the decrease in industrial supplies was 11.6%, especially due to lower imports of chemical products from Ireland in transactions without transfer of ownership. Regarding supplier countries, imports from Ireland fell by 85.9%, while those from the Netherlands increased by 38.9%, influenced by industrial supplies. INE also updated the map of trading partners based on preliminary 2025 data; in the top export destinations, Angola replaced Morocco. In the list of suppliers, there were no changes in the top ten, only shifts in position — for example, China rose to fifth place and Ireland to eighth.