United Kingdom (GBR) and Portugal (PRT) Trade

2023

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Exports $1.44BRnk 41 / 223

2023

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About

United Kingdom-Portugal Trade: In 2023, United Kingdom exported $1.44B to Portugal. The main products that United Kingdom exported to Portugal were Gas Turbines ($161M), Cars ($148M), and Scrap Iron ($142M). Over the past 5 years the exports of United Kingdom to Portugal have decreased at an annualized rate of 10.2%, from $2.46B in 2018 to $1.44B in 2023.

In 2019, United Kingdom exported services to Portugal worth $1.37B, with Transportation ($693M), Travel ($315M), and Financial services ($186M) being the largest in terms of value.

Portugal-United Kingdom Trade: In 2023, Portugal exported $4.5B to United Kingdom. The main products that Portugal exported to United Kingdom were Cars ($488M), Uncoated Paper ($161M), and Leather Footwear ($137M). Over the past 5 years the exports of Portugal to United Kingdom have increased at an annualized rate of 0.65%, from $4.36B in 2018 to $4.5B in 2023.

In 2020, Portugal exported services to United Kingdom worth $2.93B, with Travel ($1.37B), Transportation ($836M), and Other business services ($600M) being the largest in terms of value.

Comparison: In 2023, United Kingdom ranked 11 in the Economic Complexity Index (ECI 1.5), and 14 in total exports ($429B). 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, United Kingdom exported £115M and imported £234M from Portugal, resulting in a negative trade balance of £119M. Between November 2023 and November 2024 the exports of United Kingdom have increased by £2.13M (1.89%) from £113M to £115M, while imports decreased by £-80.1M (-25.5%) from £314M to £234M.

Trade In November 2024, the top exports of United Kingdom to Portugal were Gas Turbines (£18.1M), Cars (£17.5M), Scrap Iron (£10.1M), Refined Petroleum (£5.07M), and Spark-Ignition Engines (£4.97M). In November 2024 the top imports of United Kingdom from Portugal were Cars (£68.1M), Uncoated Paper (£13.9M), Insulated Wire (£6.87M), Commodities not elsewhere specified (£5.49M), and Raw Iron Bars (£5.39M).

Origins In November 2024 the exports of United Kingdom were mainly from Dover Eurotunnel (£34.1M), Portsmouth (£13.8M), Avonmouth (£10.8M), Immingham (£4.48M), and London (£4.02M), while imports destinations were mainly Liverpool (£32.5M), Eurotunnel (£32.3M), London (£22.7M), Dover (£21.8M), and Newhaven (£18.9M).

Growth In November 2024, the increase in United Kingdom's year-by-year exports to Portugal was explained primarily by an increase in product exports in Gas Turbines (£17.9M or 11.1k%), Cars (£8.79M or 100%), and Refined Petroleum (£5.06M or 33.5k%). In November 2024, the decrease in United Kingdom's year-by-year imports from Portugal was explained primarily by an decrease in product imports in Gas Turbines (£-21.4M or -93.9%), Centrifuges (£-8.69M or -72.8%), and Navigation Equipment (£-3.07M or -48.9%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (November 2023 - November 2024)£2.13M(1.89%)

IMPORT GROWTH (November 2023 - November 2024)£-80.1M(-25.5%)

MAIN EXPORTER (November 2024)Dover Eurotunnel£34.1M

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

To check Portugal and United Kingdom 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 2023, United Kingdom exported $1.44B to Portugal. The main products exported from United Kingdom to Portugal were Gas Turbines ($161M), Cars ($148M), and Scrap Iron ($142M). During the last 5 years the exports of United Kingdom to Portugal have decreased at an annualized rate of 10.2%, from $2.46B in 2018 to $1.44B in 2023.

In 2018, Portugal exported $4.5B to United Kingdom. The main products exported from Portugal to United Kingdom were Cars ($488M), Uncoated Paper ($161M), and Leather Footwear ($137M). During the last 5 years the exports of Portugal to United Kingdom have increased at an annualized rate of 0.65%, from $4.36B in 2023 to $4.5B in 2018.

Exports from United Kingdom () to Portugal () (2023)

Exports from Portugal () to United Kingdom () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

United Kingdom
Top DestinationUnited States$59.7B

Portugal
Top DestinationSpain$17.7B

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

In 2023, countries that imported more from United Kingdom than Portugal included United States ($59.7B), China ($35.3B), and Ireland ($29.1B).

In 2023, countries that imported more from Portugal than United Kingdom included Spain ($17.7B), Angola ($1.64B), and Morocco ($1.65B).

Difference in imports from Portugal () and United Kingdom () (2023)

Comparative Advantage United Kingdom - Portugal

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, United Kingdom had a large net trade with Portugal in the exports of Machines ($381M), Metals ($295M), and Transportation ($212M).

During 2018, Portugal had a large net trade with United Kingdom in the exports of Machines ($767M), Transportation ($737M), and Textiles ($473M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential United Kingdom Portugal+$100MCars

Top Product Potential Portugal United Kingdom+$173MCars

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

Gbr Year

In 2019, United Kingdom exported services to Portugal worth $1.37B, with Transportation ($693M), Travel ($315M), and Financial services ($186M) being the largest in terms of value.

In 2020, Portugal exported services to United Kingdom worth $2.93B, with Travel ($1.37B), Transportation ($836M), and Other business services ($600M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from United Kingdom () to Portugal () (2019)

Services Exports from Portugal () to United Kingdom () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

Product Space of United Kingdom () and Portugal () (2023)

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