Madeira's trade balance with foreign countries stayed positive in the first nine months of 2026, but the surplus narrowed sharply. The region recorded a surplus of €54.3 million between January and September. The Regional Directorate of Statistics of Madeira (DREM) released the preliminary figures on Monday, based on data from Portugal's national statistics institute, INE.
That surplus is 63.2% lower than the €147.7 million recorded in the same nine months of 2025.
| Jan-Sep 2026 | |
|---|---|
| Exports | €365.4M ▼ -8.8% |
| Imports | €311.1M ▲ +23.1% |
| Trade surplus | €54.3M ▼ -63.2% |
| Import coverage by exports | 117.4% Jan-Sep 2025: 158.4% |
Exports Fall 8.8% to €365.4 Million
Companies based in the region exported goods worth €365.4 million between January and September 2026. That was a drop of 8.8% from the same period of 2025.
By product, food was the leading export category, worth €67.2 million. Machinery and equipment followed at €62.5 million, according to DREM's detailed trade tables.
Imports Climb 23.1% to €311.1 Million
At the same time, imports into Madeira reached €311.1 million. That was 23.1% higher than in the first nine months of 2025, growing faster than exports fell.
Import Coverage Ratio Drops to 117.4%
The shift between falling exports and rising imports shows up in the import coverage ratio. That ratio measures how much of the region's imports its exports pay for. The ratio fell to 117.4% in the first nine months of 2026, down from 158.4% a year earlier.
Third Countries Take 72.1% of Exports
| Flow | Share |
|---|---|
| Exports to third countries | 72.1% |
| Exports to the EU | 27.9% |
| Imports from the EU | 80.8% |
| Imports from third countries | 19.2% |
The geography of Madeira's trade stayed lopsided between January and September 2026. Most of the region's exports, 72.1%, went to countries outside the European Union, while the EU took the remaining 27.9%.
Imports followed the opposite pattern. The European Union supplied 80.8% of everything Madeira brought in from abroad, with third countries accounting for the other 19.2%.
Angola Buys 48.7% of All Exports
Angola was by far Madeira's biggest export market in the first nine months of 2026. The African country bought €177.8 million worth of goods, or 48.7% of everything the region exported.
| Country | Share |
|---|---|
| Angola | 48.7% |
| Italy | 11.6% |
| United Kingdom | 7.3% |
| Spain | 6.2% |
| France | 4.0% |
Together, Madeira's top five export markets took 77.7% of all exports in the period. The next four destinations combined, Italy, the United Kingdom, Spain and France, still added up to less than Angola alone.
Spain Supplies 29.9% of All Imports
Spain was the region's largest source of imports in the first nine months of 2026. Madeira bought €93.0 million worth of goods from there, close to 30% of everything it imported.
| Country | Share |
|---|---|
| Spain | 29.9% |
| Germany | 18.8% |
| Italy | 10.1% |
| France | 4.6% |
| China | 4.3% |
Germany followed as the second-largest supplier, at €58.4 million, 18.8% of all imports.
Source: dnoticias.pt
Source: estatistica.madeira.gov.pt
Source: estatistica.madeira.gov.pt
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