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2023
Flag → Flag
Exports $38.1BRnk 3 / 220
2023
Flag → Flag
Top Product $2.09BCars
2023
Flag → Flag
Exports $17.7BRnk 1 / 211
2023
Flag → Flag
Top Product $1.23BMotor vehicles; parts and accessories (8701 to 8705)
2023
Flag
Economic Complexity (ECI) ECI 0.86Rnk 31 / 132
2023
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Economic Complexity (ECI) ECI 0.57Rnk 42 / 132
2023
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GDP$1.62TCURRENT US$
Rnk 15 / 195
2013-2023
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GDP GROWTH18.9%CURRENT US$
Rnk 143 / 195
2023
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 GDP$289BCURRENT US$
Rnk 48 / 195
2013-2023
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GDP GROWTH27.5%CURRENT US$
Rnk 119 / 195
2023
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GDP PC $33,509CURRENT US$
Rnk 40 / 195
2013-2023
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GDP PC GROWTH14.7%CURRENT US$
Rnk 119 / 195
2023
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GDP PC$27,331CURRENT US$
Rnk 50 / 196
2013-2023
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GDP PC GROWTH26.1%CURRENT US$
Rnk 84 / 195

About

Spain-Portugal Trade: In 2023, Spain exported $38.1B to Portugal. The main products that Spain exported to Portugal were Cars ($2.09B), Refined Petroleum ($1.48B), and Motor vehicles; parts and accessories (8701 to 8705) ($1.35B). Over the past 5 years the exports of Spain to Portugal have increased at an annualized rate of 4.91%, from $30B in 2018 to $38.1B in 2023.

In 2020, Spain exported services to Portugal worth $350M, with Travel ($350M) being the largest in terms of value.

Portugal-Spain Trade: In 2023, Portugal exported $17.7B to Spain. The main products that Portugal exported to Spain were Motor vehicles; parts and accessories (8701 to 8705) ($1.23B), Electricity ($680M), and Centrifuges ($556M). Over the past 5 years the exports of Portugal to Spain have increased at an annualized rate of 4.23%,  from $14.4B in 2018 to $17.7B in 2023.

In 2020, Portugal exported services to Spain worth $3.15B, with Travel ($1.15B), Transportation ($1.11B), and Other business services ($690M) being the largest in terms of value.

Comparison: In 2023,  Spain ranked 31 in the Economic Complexity Index (ECI 0.86), and 16 in total exports ($402B). That same year, Portugal ranked 42 in the Economic Complexity Index (ECI 0.57), and 46 in total exports ($83B).

Latest Trends

November, 2024

About

Overview In November 2024, Spain exported €2.65B and imported €1.3B from Portugal, resulting in a positive trade balance of €1.35B. Between November 2023 and November 2024 the exports of Spain have decreased by €-169M (-5.99%) from €2.82B to €2.65B, while imports decreased by €-220M (-14.5%) from €1.52B to €1.3B.

Trade In November 2024, the top exports of Spain to Portugal were Refined Petroleum (€124M), Cars (€96.5M), Electricity (€92.7M), Motor vehicles; parts and accessories (8701... (€76.6M), and Pure Olive Oil (€43.3M). In November 2024 the top imports of Spain from Portugal were Electricity (€108M), Motor vehicles; parts and accessories (8701... (€93.7M), Centrifuges (€46.8M), Glass Bottles (€26.6M), and Delivery Trucks (€26.2M).

Origins In November 2024 the exports of Spain were mainly from Madrid (€449M), Barcelona (€388M), Pontevedra (€179M), Guadalajara (€139M), and A Coruña (€138M), while imports destinations were mainly Madrid (€223M), Barcelona (€149M), A Coruña (€102M), Pontevedra (€97.1M), and Valencia (€73.8M).

Growth In November 2024, the decrease in Spain's year-by-year exports to Portugal was explained primarily by an decrease in product exports in Electricity (€-141M or -60.4%), Telephones (€-11.9M or -48.1%), and Gas Turbines (€-11.8M or -99.9%). In November 2024, the decrease in Spain's year-by-year imports  from Portugal was explained primarily by an decrease in product imports  in Computers (€-9.83M or -87.7%), Pure Olive Oil (€-6.64M or -21.1%), and Cars (€-6.12M or -31.5%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (November 2023 - November 2024)€-169M(-5.99%)
IMPORT GROWTH (November 2023 - November 2024)€-220M(-14.5%)
MAIN EXPORTER (November 2024)Madrid€449M

This section shows exports and imports data at subnational level for Spain. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of Spain over time.

To check Portugal and Spain trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Portugal and Spain Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Spain exported $38.1B to Portugal. The main products exported from Spain to Portugal were Cars ($2.09B), Refined Petroleum ($1.48B), and Motor vehicles; parts and accessories (8701 to 8705) ($1.35B). During the last 5 years the exports of Spain to Portugal have increased at an annualized rate of 4.91%, from $30B in 2018 to $38.1B in 2023.

In 2018, Portugal exported $17.7B to Spain. The main products exported from Portugal to Spain were Motor vehicles; parts and accessories (8701 to 8705) ($1.23B), Electricity ($680M), and Centrifuges ($556M). During the last 5 years the exports of Portugal to Spain have increased at an annualized rate of 4.23%, from $14.4B in 2023 to $17.7B in 2018.

Exports from Spain (Flag) to Portugal (Flag) (2023)

Exports from Portugal (Flag) to Spain (Flag) (2023)

Market Competitiveness

Color
Spain
Top DestinationFrance$61.9B
Portugal
Top DestinationSpain$17.7B

This map shows whether countries import more from Spain or Portugal. Each country is colored based on the difference in imports they receive from Spain and Portugal or the difference in the growth in imports.

In 2023, countries that imported more from Spain than Portugal included France ($61.9B), Germany ($40.2B), and Italy ($34.7B).

In 2023, countries that imported more from Portugal than Spain included Angola ($1.64B), Cape Verde ($536M), and Algeria ($530M).

Difference in imports from Portugal (Flag) and Spain (Flag) (2023)

Comparative Advantage Spain - Portugal

Flow
Scale

This chart compares trade between Spain and Portugal by product, considering products traded by both, Spain and Portugal.

During 2023, Spain had a large net trade with Portugal in the exports of Machines ($4.81B), Transportation ($4.17B), and Metals ($4.14B).

During 2018, Portugal had a large net trade with Spain in the exports of Transportation ($2.16B), Machines ($2.08B), and Metals ($2.08B).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Spain Portugal+$278MCars
Top Product Potential Portugal Spain+$253MCars

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

In 2020, Spain exported services to Portugal worth $350M, with Travel ($350M) being the largest in terms of value.

In 2020, Portugal exported services to Spain worth $3.15B, with Travel ($1.15B), Transportation ($1.11B), and Other business services ($690M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Spain (Flag) to Portugal (Flag) (2020)

Services Exports from Portugal (Flag) to Spain (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Spain and Portugal. This means that a dot/product with the flag of Spain indicates it has a comparative advantage over Portugal. Similarly, a dot/product with the flag of Portugal indicates it has a comparative advantage over Spain.

Product Space of Spain (Flag) and Portugal (Flag) (2023)

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