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2022
Economic Complexity
Trade 0.57Rank 42 of 133
2021
Economic Complexity
Technology 0.8Rank 30 of 96
2022
Economic Complexity
Research 0.88Rank 25 of 135
2022
Product
Exports | Imports $81.7B | $112B48 of 226 |  39 of 226
2022
Per Capita Product
Exports | Imports $7.87k | $10.8k51 of 220 |  52 of 220

About

Overview In 2022, Portugal was the number 49 economy in the world in terms of GDP (current US$), the number 48 in total exports, the number 39 in total imports, the number 46 economy in terms of GDP per capita (current US$) and the number 42 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Portugal are Cars ($4.44B), Refined Petroleum ($3.65B), Motor vehicles; parts and accessories (8701 to 8705) ($2.99B), Leather Footwear ($1.86B), and Uncoated Paper ($1.71B), exporting mostly to Spain ($20.5B), France ($9.49B), Germany ($8.76B), United States ($5.66B), and United Kingdom ($4.25B).

In 2022, Portugal was the world's biggest exporter of Agglomerated Cork ($607M), Natural Cork Articles ($510M), and Hat Forms ($35.4M)

Imports The top imports of Portugal are Crude Petroleum ($7.07B), Cars ($4.54B), Refined Petroleum ($4.26B), Petroleum Gas ($3.69B), and Motor vehicles; parts and accessories (8701 to 8705) ($2.95B), importing mostly from Spain ($34.9B), Germany ($11.9B), France ($6.78B), China ($6.11B), and Italy ($5.98B).

In 2022, Portugal was the world's biggest importer of Raw Cork ($158M), Debacked Cork ($19.3M), and Chamois Leather ($12.6M)

Location Portugal borders Spain by land and Morocco by sea.

Latest Trends

August, 2024

About

Overview In August 2024 Portugal exported €5.25B and imported €7.89B, resulting in a negative trade balance of €2.64B. Between August 2023 and August 2024 the exports of Portugal have decreased by €-75M (-1.41%) from €5.32B to €5.25B, while imports increased by €166M (2.14%) from €7.72B to €7.89B.

Trade In August 2024, the top exports of Portugal were Electrical machinery and electronics (€506M), Mineral fuels, mineral oils and products... (€467M), Cars, tractors, trucks & parts thereof. (€386M), Machinery, mechanical appliances, & parts (€331M), and Plastics & articles thereof (€236M). In August 2024 the top imports of Portugal were Mineral fuels, mineral oils and products... (€1.15B), Cars, tractors, trucks & parts thereof. (€825M), Electrical machinery and electronics (€749M), Machinery, mechanical appliances, & parts (€620M), and Plastics & articles thereof (€331M).

Destinations In August 2024, Portugal exported mostly to Spain (€1.35B), Germany (€643M), France (€583M), United States (€364M), and United Kingdom (€217M), and imported mostly from Spain (€2.67B), Germany (€867M), France (€521M), China (€453M), and Italy (€376M).

Growth In August 2024, the decrease in Portugal's year-by-year exports was explained primarily by an decrease in exports to United States (€-55.9M or -13.3%), Other (€-47.6M or -26.4%), and United Arab Emirates (€-41.7M or -76.4%), and product exports decrease in Cars, tractors, trucks & parts thereof. (€-83.6M or -17.8%), Mineral fuels, mineral oils and products... (€-41M or -8.07%), and Iron & steel (€-15M or -13.4%). In August 2024, the increase in Portugal's year-by-year imports was explained primarily by an increase in imports from Azerbaijan (€137M or 99.9M%), Italy (€80.8M or 27.4%), and Spain (€75.3M or 2.9%), and product imports increase in Machinery, mechanical appliances, & parts (€70.2M or 12.8%), Iron & steel (€52.8M or 27.7%), and Fish, crustaceans, & molluscs (€36.6M or 23.2%).

Latest Trade

Time Scale
Flow
Color
EXPORT GROWTH (August 2023 - August 2024)€-75M(-1.41%)
IMPORT GROWTH (August 2023 - August 2024)€166M(2.14%)
MAIN DESTINATION (August 2024)Spain€1.35B

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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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2022)Cars$4.44B
Top Destination (2022)Spain$20.5B

In 2022, Portugal exported a total of $81.7B, making it the number 48 exporter in the world. During the last five reported years the exports of Portugal have changed by $18.1B from $63.6B in 2017 to $81.7B in 2022.

The most recent exports are led by Cars ($4.44B), Refined Petroleum ($3.65B), Motor vehicles; parts and accessories (8701 to 8705) ($2.99B), Leather Footwear ($1.86B), and Uncoated Paper ($1.71B). The most common destination for the exports of Portugal are Spain ($20.5B), France ($9.49B), Germany ($8.76B), United States ($5.66B), and United Kingdom ($4.25B).

Explore Visualizations

Exports (2022)
[Click to Select a Product]

Destinations (2022)
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Market Growth

Flow
View
Growth
Fastest Growing Export Markets (2021 - 2022)
Spain$1.34B (+ 6.97%)
United States$1.14B (+ 25.1%)
Germany$631M (+ 7.76%)
Fastest Growing Import Markets (2021 - 2022)
Spain$4.26B (+ 13.9%)
Brazil$1.72B (+ 63.1%)
China$1.07B (+ 21.3%)

Total Export Growth by Market (2021 - 2022)

Subnational Trade

Flow
Color
Geographic Level

This section shows export and import data at the subnational level for Portugal. You can view information at the region, community and municipality level. Click anywhere on the map to filter the data presented in the treemap and see the products imported and exported by that location. Likewise, you can select any product from the treemap to find out which territories sell it. Additionally, you can study the growth and percentage growth by changing the selected options on the buttons.

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Potential Exports

Potential Exports

Type
Flow
Depth
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Service Trade

Service Trade

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).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Trade)0.57Rank 42 of 133
Economic Complexity (Technology)0.8Rank 30 of 96
Economic Complexity (Research)0.88Rank 25 of 135

Most Specialized Products by RCA Index

Portugal has a high level of specialization in Natural Cork Articles (201), Agglomerated Cork (162), Revolution Counters (41.3), Uncoated Paper (33), and Rosin (30.7). Specialization is measured using RCA, an index that takes the ratio between Portugal observed and expected exports in each product.

Most Complex Products by PCI

The highest complexity exports of Portugal according to the product complexity index (PCI) are Tools, interchangeable; for hand tools, whether or not power-operated, or for machine... (1.68), Machine-tools; (including presses) for working metal by forging, hammering or die-stamping, for... (1.51), Chain and parts thereof, of iron or steel (1.5), Machinery, auxiliary; for use with machines of heading no. 8444 to 8447... (1.5), and Reagents; diagnostic or laboratory reagents on a backing and prepared diagnostic or... (1.45). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Portugal according to the relatedness index, were Knit Men's Coats (0.47), Melons (0.47), Packing Bags (0.47), Knit Women's Coats (0.46), and Knit Women's Undergarments (0.46). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Portugal is not specialized in.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of Portugal. These are products that tend to be co-exported with the products that Portugal exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2022)

Diversification Frontier

Filter
Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Portugal's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨41st to the 42nd⁩ 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.

Explore Rankings

ECI (Trade) Ranking by Country

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