Portugal: Visió econòmica i política
Portugal's economy is open to foreign trade, which represents 86% of its GDP (World Bank, latest data available). While the country has traditionally exported agricultural products, textiles and clothing, it has begun to export an increasing amount of technological equipment. In 2021, the country mainly exported machinery and mechanical appliances (14.3%) and vehicles and other transport equipment (13.2%). The largest commercial surpluses remained in the transactions of mineral products, cellulose pulp and paper, clothing and footwear. The main product groups of imports were machinery (18.6%), chemical products (12.3%), mineral fuels (11.4%), and vehicle and their parts (10.4% - Statistics Portugal).
Data from Statistics Portugal (INE) shows that in 2021 the main trading partners were Spain (26.7% of total exports), France (13.1%), Germany (11%) and the U.S. (5.6%). Portugal’s main suppliers were Spain (32.8%), Germany (12.4%), France (6.7%), and the Netherlands (5.3%). The main extra-EU supplier of goods to Portugal continued to be China, with imports from this partner increasing by 28.6% (4.7% of total imports). Overall, the European Union accounted for 71.5% of exports and 73.6% of imports.
The country has a structural trade balance deficit. In 2021, Portugal exported goods worth USD 75.1 billion (+22.1% year-on-year), with imports increasing at a faster pace (+25.9%, at USD 97.7 billion). However, Portugal is a net service exporter (USD 32 billion in exports against USD 20.8 billion in imports - data by WTO). The country’s overall balance of trade was negative by 3% (was 2.1% one year earlier – World Bank). In the accumulated period January to October 2022, compared to the same period one year earlier, exports increased by 24.4% (EUR 72.5 billion) and imports rose by 33.4% (EUR 100.4 billion - data INE).
Foreign Trade Values | 2018 | 2019 | 2020 | 2021 | 2022 |
Imports of Goods (million USD) | 89,060 | 89,538 | 77,895 | 98,200 | 114,848 |
Exports of Goods (million USD) | 68,361 | 67,063 | 61,496 | 75,229 | 82,273 |
Imports of Services (million USD) | 18,800 | 19,905 | 15,637 | 20,186 | 23,877 |
Exports of Services (million USD) | 39,456 | 39,999 | 25,487 | 32,238 | 46,537 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 86.4 | 86.6 | 76.2 | 86.1 | 102.6 |
Trade Balance (million USD) | -18,415 | -18,226 | -14,236 | -18,745 | -27,739 |
Trade Balance (Including Service) (million USD) | 2,168 | 1,836 | -4,388 | -6,766 | -5,083 |
Imports of Goods and Services (Annual % Change) | 5.0 | 4.9 | -11.8 | 13.2 | 11.1 |
Exports of Goods and Services (Annual % Change) | 4.1 | 4.1 | -18.6 | 13.4 | 16.7 |
Imports of Goods and Services (in % of GDP) | 43.0 | 43.1 | 39.2 | 44.5 | 52.6 |
Exports of Goods and Services (in % of GDP) | 43.4 | 43.5 | 37.0 | 41.6 | 50.0 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 8.0 | 2.8 | 2.0 | 2.0 | 2.0 |
Volume of imports of goods and services (Annual % change) | 5.2 | 3.9 | 2.9 | 2.9 | 2.6 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2022 |
Spain | 26.0% |
France | 12.4% |
Germany | 10.9% |
United States | 6.5% |
United Kingdom | 4.9% |
Italy | 4.5% |
Netherlands | 4.0% |
Belgium | 2.4% |
Angola | 1.8% |
Poland | 1.4% |
Sweden | 1.3% |
Brazil | 1.2% |
Türkiye | 1.1% |
Switzerland | 0.9% |
Morocco | 0.9% |
Ireland | 0.8% |
China | 0.8% |
Czech Republic | 0.7% |
Romania | 0.7% |
Denmark | 0.7% |
See More Countries | 39.3% |
Main Suppliers (% of Imports) |
2022 |
Spain | 32.1% |
Germany | 11.2% |
France | 6.1% |
China | 5.1% |
Netherlands | 4.9% |
Italy | 4.7% |
Brazil | 4.2% |
United States | 3.2% |
Belgium | 3.1% |
Nigeria | 1.8% |
Poland | 1.6% |
Türkiye | 1.3% |
India | 1.1% |
United Kingdom | 1.1% |
Algeria | 1.0% |
Sweden | 0.9% |
South Korea | 0.8% |
Ireland | 0.8% |
Azerbaijan | 0.7% |
Trinidad and Tobago | 0.7% |
See More Countries | 40.7% |
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: November 2023
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