Portugal2020 Economic Complexity : 0.47, Rank 45 of 127
2020 Product Exports | Imports: $62.2B | $77.3B, 43 of 226 | 40 of 226
2020 Per Capita Product Exports | Imports: $6.04k | $7.51k, 58 of 219 | 28 of 219
2020 Service Exports | Imports : $22.1B | $14.4B, 23 of 65 | 27 of 65
Overview In 2020, Portugal was the number 48 economy in the world in terms of GDP (current US$), the number 43 in total exports, the number 40 in total imports, the number 50 economy in terms of GDP per capita (current US$) and the number 45 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Portugal are Cars ($3.77B), Motor vehicles; parts and accessories (8701 to 8705) ($2.96B), Refined Petroleum ($1.87B), Leather Footwear ($1.52B), and Packaged Medicaments ($1.13B), exporting mostly to Spain ($14.7B), France ($8.01B), Germany ($7.27B), United Kingdom ($3.53B), and United States ($3.31B).
In 2020, Portugal was the world's biggest exporter of Agglomerated Cork ($546M), Natural Cork Articles ($489M), and Hat Forms ($15.5M)
Imports The top imports of Portugal are Cars ($3.59B), Crude Petroleum ($3.53B), Motor vehicles; parts and accessories (8701 to 8705) ($2.41B), Packaged Medicaments ($2.38B), and Petroleum Gas ($1.42B), importing mostly from Spain ($23.8B), Germany ($10B), France ($5.51B), Netherlands ($4.19B), and Italy ($4.11B).
In 2020, Portugal was the world's biggest importer of Raw Cork ($110M) and Debacked Cork ($10.2M)
December, 2022
Overview In December 2022 Portugal exported €5.82B and imported €8.57B, resulting in a negative trade balance of €2.75B. Between December 2021 and December 2022 the exports of Portugal have increased by €569M (10.8%) from €5.25B to €5.82B, while imports increased by €889M (11.6%) from €7.68B to €8.57B.
Trade In December 2022, the top exports of Portugal were Cars, tractors, trucks & parts thereof. (€706M), Mineral fuels, mineral oils and products... (€501M), Electrical machinery and electronics (€486M), Machinery, mechanical appliances, & parts (€396M), and Plastics & articles thereof (€259M). In December 2022 the top imports of Portugal were Mineral fuels, mineral oils and products... (€1.1B), Cars, tractors, trucks & parts thereof. (€985M), Electrical machinery and electronics (€830M), Machinery, mechanical appliances, & parts (€695M), and Pharmaceutical products (€335M).
Destinations In December 2022, Portugal exported mostly to Spain (€1.53B), France (€706M), Germany (€603M), United States (€323M), and United Kingdom (€293M), and imported mostly from Spain (€2.92B), Germany (€1.07B), France (€570M), Netherlands (€448M), and Italy (€389M).
Growth In December 2022, the increase in Portugal's year-by-year exports was explained primarily by an increase in exports to Spain (€313M or 24.7%), France (€127M or 19.4%), and Germany (€94.6M or 18.2%), and product exports increase in Mineral fuels, mineral oils and products... (€167M or 63.2%), Plastics & articles thereof (€80.7M or 33.5%), and Electrical machinery and electronics (€78.4M or 21.1%). In December 2022, the increase in Portugal's year-by-year imports was explained primarily by an increase in imports from Spain (€574M or 31.4%), United States (€198M or 146%), and China (€174M or 64.8%), and product imports increase in Mineral fuels, mineral oils and products... (€566M or 115%), Iron & steel (€207M or 102%), and Plastics & articles thereof (€154M or 54.8%).
EXPORT GROWTH (December 2021 - December 2022): €569M, (10.8%)
IMPORT GROWTH (December 2021 - December 2022): €889M, (11.6%)
MAIN DESTINATION (December 2022): Spain, €1.53B
This section shows exports and imports data at subnational level for Portugal. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of Portugal over time.
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In 2020, Portugal exported a total of $62.2B, making it the number 43 exporter in the world. During the last five reported years the exports of Portugal have changed by $5.28B from $56.9B in 2015 to $62.2B in 2020.
The most recent exports are led by Cars ($3.77B), Motor vehicles; parts and accessories (8701 to 8705) ($2.96B), Refined Petroleum ($1.87B), Leather Footwear ($1.52B), and Packaged Medicaments ($1.13B). The most common destination for the exports of Portugal are Spain ($14.7B), France ($8.01B), Germany ($7.27B), United Kingdom ($3.53B), and United States ($3.31B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Portugal Exports Services (2020): $22.1B
Portugal Imports Services (2020): $14.4B
In 2020, Portugal exported $22.1B worth of services. The top services exported by Portugal in 2020 were Travel ($8.81B), Miscellaneous business, professional, and technical services ($4.88B), Air transport ($2.32B), Other transport ($1.97B), and Sea transport ($916M).
The top services imported by Portugal in 2020 were Miscellaneous business, professional, and technical services ($4.09B), Travel ($3.13B), Sea transport ($1.4B), Air transport ($1.3B), and Financial services ($589M).
Portugal has a high level of specialization in Natural Cork Articles (201), Agglomerated Cork (152), Revolution Counters (35.5), Ceramic Tableware (26.1), and Twine and Rope (24.2). Specialization is measured using RCA, an index that takes the ratio between Portugal observed and expected exports in each product.
The highest complexity exports of Portugal according to the product complexity index (PCI) are Interchangeable Tool Parts (1.69), Iron Chains (1.5), Metal Molds (1.49), Forging Machines (1.47), and Other Stainless Steel Bars (1.43). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Portugal according to the relatedness index, are Packing Bags (0.44), Knit Women's Coats (0.44), Pickled Foods (0.44), Cucumbers (0.43), and Knit Women's Undergarments (0.43). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Portugal is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Portugal's economy has become relatively more complex, moving from the 46th to the 45th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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