Spain (ESP) and Portugal (PRT) Trade

2022

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Exports $24.3BRnk 3 / 218

2022

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About

Spain-Portugal Trade: In 2022, Spain exported $24.3B to Portugal. The main products that Spain exported to Portugal were Electricity ($2.63B), Refined Petroleum ($1.62B), and Motor vehicles; parts and accessories (8701 to 8705) ($1.19B). Over the past 5 years the exports of Spain to Portugal have increased at an annualized rate of 26.6%, from $7.47B in 2017 to $24.3B in 2022.

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

Portugal-Spain Trade: In 2022, Portugal exported $15.1B to Spain. The main products that Portugal exported to Spain were Motor vehicles; parts and accessories (8701 to 8705) ($1.35B), Electricity ($752M), and Refined Petroleum ($641M). Over the past 5 years the exports of Portugal to Spain have increased at an annualized rate of 33.3%, from $3.6B in 2017 to $15.1B in 2022.

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 2022, Spain ranked 33 in the Economic Complexity Index (ECI 0.81), and 20 in total exports ($394B). That same year, Portugal ranked 42 in the Economic Complexity Index (ECI 0.57), and 48 in total exports ($81.7B).

Latest Trends

April, 2024

About

Overview In April 2024, Spain exported €2.59B and imported €1.41B from Portugal, resulting in a positive trade balance of €1.18B. Between April 2023 and April 2024 the exports of Spain have increased by €149M (6.1%) from €2.44B to €2.59B, while imports increased by €213M (17.7%) from €1.2B to €1.41B.

Trade In April 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 April 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 April 2024 the exports of Spain were mainly from Barcelona (€390M), Madrid (€385M), Pontevedra (€172M), A Coruña (€131M), and Valencia (€121M), while imports destinations were mainly Madrid (€190M), Barcelona (€155M), A Coruña (€103M), Pontevedra (€87.1M), and Zaragoza (€82.8M).

Growth In April 2024, the increase in Spain's year-by-year exports to Portugal was explained primarily by an increase in product exports in Refined Petroleum (€62.8M or 102%), Cars (€38.7M or 66.9%), and Pure Olive Oil (€21.9M or 102%). In April 2024, the increase in Spain's year-by-year imports from Portugal was explained primarily by an increase in product imports in Electricity (€30.1M or 38.6%), Motor vehicles; parts and accessories (8701... (€28.4M or 43.4%), and Centrifuges (€20.4M or 77.2%).

Latest Trade

Flow

Exports

Imports

Time Scale

Year

Quarter

Month

Depth

HS2

HS4

HS6

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (April 2023 - April 2024)€149M(6.1%)

IMPORT GROWTH (April 2023 - April 2024)€213M(17.7%)

MAIN EXPORTER (April 2024)Barcelona€390M

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.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Spain exported $24.3B to Portugal. The main products exported from Spain to Portugal were Electricity ($2.63B), Refined Petroleum ($1.62B), and Motor vehicles; parts and accessories (8701 to 8705) ($1.19B). During the last 5 years the exports of Spain to Portugal have increased at an annualized rate of 26.6%, from $7.47B in 2017 to $24.3B in 2022.

In 2017, Portugal exported $15.1B to Spain. The main products exported from Portugal to Spain were Motor vehicles; parts and accessories (8701 to 8705) ($1.35B), Electricity ($752M), and Refined Petroleum ($641M). During the last 22 years the exports of Portugal to Spain have increased at an annualized rate of 33.3%, from $3.6B in 1995 to $15.1B in 2017.

Exports from Spain () to Portugal () (2022)

Exports from Portugal () to Spain () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Spain
Top DestinationFrance$65.2B

Portugal
Top DestinationSpain$20.5B

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 2022, countries that imported more from Spain than Portugal included France ($65.2B), Germany ($39.2B), and Italy ($32.1B).

In 2022, countries that imported more from Portugal than Spain included Angola ($1.59B), Cape Verde ($407M), and Mozambique ($262M).

Difference in imports from Portugal () and Spain () (2022)

Comparative Advantage Spain - Portugal

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Spain had a large net trade with Portugal in the exports of Mineral Products ($5B), Machines ($4.2B), and Metals ($4.2B).

During 2017, Portugal had a large net trade with Spain in the exports of Metals ($2.39B), Machines ($2.34B), and Transportation ($2.2B).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

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

Prt Year

Esp Year

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 () to Portugal () (2020)

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

Service Trade

Economic Complexity

Competitive Landscape

Year

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 () and Portugal () (2022)

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