According to international trade statistics from the INE, when excluding TTE transactions (i.e., those related to or following work on order without transfer of ownership), there was an increase in exports (1.1%) and a sharp increase in imports (4.2%).

In the last quarter of 2025, decreases were recorded in both flows: 2.8% in exports (3.6% excluding TTE) and 4.2% in imports (3.1% when excluding TTE).

Thus, in the first quarter of 2026, there was an intensification of the downward trend in exports and a reversal in the evolution of imports, resulting in a worsening of the trade balance.