Morocco's Shift in Trade Rankings with Portugal
Recent data released by the National Institute of Statistics in Portugal has revealed a significant shift in the trading landscape between Morocco and Portugal. In the annual preliminary report on foreign trade, it was noted that Morocco has fallen out of the list of the top ten countries receiving Portuguese exports this year, a notable decline compared to the previous year. This decline has opened the door for Angola to take its place, as it was previously ranked 14th among the largest importers of Portuguese goods at the end of last year.
The statistics further highlight a decline in Portuguese exports to Germany at the start of this year, plummeting by over 44 percent, while exports to Spain saw a decrease of approximately 7.4 percent. This downturn is largely attributed to a reduction in industrial supplies and a decline in the export of fuel, lubricants, and other industrial products.
In the early months of this year, Portuguese exports to international markets experienced a steep annual decline estimated at over 14 percent, while imports also saw a modest decrease of about 2.5 percent. Consequently, the trade balance for goods recorded a deficit of €2.51 billion.
Specifically, the data indicated that exports during the three months ending January 2026 fell by 5.6 percent compared to the same period in the previous year. This decline is primarily attributed to the performance of industrial supplies and fuel, which saw decreases of 8.5 percent and 40.1 percent, respectively. Notably, the National Institute of Statistics pointed out a sharp drop in the export of industrial supplies at the beginning of January, exceeding 27 percent. This downturn is mainly due to the significant quantities of chemical products exported to Germany during the same period last year, particularly under special order arrangements without transferring ownership.
Moreover, there was a recorded decline in fuel and lubricant exports exceeding 33 percent, a result of both decreased traded quantities by approximately 25.5 percent and price reductions of over 10 percent. This situation may also be linked to the shutdown of some national refinery units in the last months of 2025.
The report further indicated that imports of industrial supplies decreased by 11.6 percent, with a remarkable drop in imports from Ireland, which fell by nearly 86 percent, and from the Netherlands, which decreased by 38.9 percent year-on-year. Additionally, imports from the United States at the beginning of this year declined by 0.9 percent compared to the previous year, amounting to €2.3 billion. The value of these imports had also dropped by 23.6 percent by the end of the fourth quarter of last year, reaching only €166 million.
As reported by hespress.com.
