Portugal: Visió econòmica i política
Portugal's economy is open to foreign trade, which represents 94% 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 2023, the country mainly exported machinery (15.4%), vehicles (13.1%), base metals (8.4%), agricultural products (7.7%), plastic and rubber (7%), chemicals (6.7%), and mineral fuels (6.6%); with imports being led by the same product categories: machinery (18%) and vehicles (12.8%), followed by mineral fuels (11.6%), chemicals (11.5%), and agricultural products (10.6% - data INE).
In 2023, the main trading partners were Spain (25.8% of total exports), France (13%), Germany (10.8%), the U.S. (6.7%), and the UK (4.7%). In the same year, Portugal’s imports came chiefly from Spain (33.8%), Germany (11.6%), France (7%), and the Netherlands (5.3%). The main extra-EU supplier of goods continued to be China (5% - data Comtrade). Overall, the EU accounted for 70.2% of total exports and 74.5% of imports.
The country has a fluctuating trade balance. In 20232, Portugal exported goods worth USD 83.9 billion (+1.7% year-on-year), with imports decreasing to USD 113.4 billion (-1.4%). However, Portugal is a net service exporter (USD 56 billion in exports against USD 25.6 billion in imports, +20% and +6.7%, respectively - data by WTO). The country’s overall balance of trade was positive by 0.9% of GDP in 2023 (from a deficit of 2.4% one year earlier – World Bank). INE’s preliminary data for 2024 shows exports up 2.5 % and imports up 1.9 % (-1.4 % and -4.0 % in 2023), widening the trade deficit by EUR 78 million to EUR 27,887 million. Excluding fuels and lubricants, exports rose 2.0 % and imports 3.0 % (+0.7 % and +1.7 % in 2023), with the trade deficit reaching EUR 21,909 million, up EUR 1,328 million from 2023.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 89,538 | 77,895 | 98,200 | 115,080 | 113,475 |
Exports of Goods (million USD) | 67,063 | 61,496 | 75,229 | 82,463 | 83,901 |
Imports of Services (million USD) | 19,905 | 15,640 | 20,098 | 23,993 | 25,613 |
Exports of Services (million USD) | 39,999 | 25,489 | 32,445 | 46,649 | 56,010 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
Foreign Trade (in % of GDP) | 86.8 | 76.5 | 85.9 | 101.4 | 93.8 |
Trade Balance (million USD) | -18,226 | -14,236 | -18,745 | -27,739 | -26,756 |
Trade Balance (Including Service) (million USD) | 1,836 | -4,388 | -6,766 | -5,083 | 3,580 |
Imports of Goods and Services (Annual % Change) | 5.1 | -11.6 | 12.3 | 11.3 | 1.7 |
Exports of Goods and Services (Annual % Change) | 4.0 | -18.3 | 12.0 | 17.2 | 3.5 |
Imports of Goods and Services (in % of GDP) | 43.1 | 39.3 | 44.3 | 51.9 | 46.4 |
Exports of Goods and Services (in % of GDP) | 43.7 | 37.3 | 41.5 | 49.5 | 47.3 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2024 | 2025 (e) | 2026 (e) | 2027 (e) | 2028 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 2.8 | 3.1 | 2.4 | 2.0 | 1.9 |
Volume of imports of goods and services (Annual % change) | 3.7 | 3.3 | 3.0 | 2.7 | 2.3 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
Spain | 25.8% |
France | 13.0% |
Germany | 10.8% |
United States | 6.7% |
United Kingdom | 4.7% |
Italy | 4.3% |
Netherlands | 3.5% |
Belgium | 2.6% |
Angola | 1.6% |
Poland | 1.4% |
Sweden | 1.4% |
Brazil | 1.3% |
Morocco | 1.3% |
Türkiye | 1.2% |
Switzerland | 1.0% |
China | 1.0% |
Romania | 0.8% |
Czech Republic | 0.8% |
Slovakia | 0.7% |
Ireland | 0.7% |
See More Countries | 38.9% |
Main Suppliers (% of Imports) |
2023 |
Spain | 33.8% |
Germany | 11.6% |
France | 7.0% |
Netherlands | 5.3% |
China | 5.0% |
Italy | 5.0% |
Brazil | 3.5% |
Belgium | 3.2% |
United States | 2.1% |
Poland | 1.9% |
Ireland | 1.6% |
Nigeria | 1.2% |
Türkiye | 1.1% |
United Kingdom | 1.1% |
India | 1.0% |
Sweden | 1.0% |
Algeria | 0.9% |
South Korea | 0.8% |
Czech Republic | 0.7% |
Hungary | 0.6% |
See More Countries | 37.4% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
54.5 bn USD of services exported in 2023 | |
49.90% | |
20.32% | |
16.60% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 15.35% |
Research and developmentResearch and development | 1.24% |
8.34% | |
2.15% | |
0.91% | |
0.70% | |
0.41% | |
0.40% | |
0.27% |
24.7 bn USD of services imported in 2023 | |
27.64% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 26.76% |
Research and developmentResearch and development | 0.88% |
27.61% | |
24.23% | |
7.91% | |
3.73% | |
2.95% | |
2.00% | |
1.88% | |
1.63% | |
0.42% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: March 2025
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