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 | $7.5k, 58 of 219 | 28 of 219
2019 Service Exports | Imports : $36.9B | $19.2B, 9 of 69 | 16 of 69
Overview In 2020 Portugal was the number 47 economy in the world in terms of GDP (current US$), the number 43 in total exports, the number 40 in total imports, the number 43 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), Vehicle Parts ($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), Vehicle Parts ($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)
February, 2022
Overview In February 2022 Portugal exported €5.99B and imported €8.14B, resulting in a negative trade balance of €2.15B. Between February 2021 and February 2022 the exports of Portugal have increased by €987M (19.7%) from €5B to €5.99B, while imports increased by €2.39B (41.6%) from €5.75B to €8.14B.
Trade In February 2022, the top exports of Portugal were Vehicles; other than railway or tramway... (€726M), Mineral fuels, mineral oils and products... (€534M), Electrical machinery and equipment and parts... (€460M), Plastics and articles thereof (€329M), and Nuclear reactors, boilers, machinery and mechanical... (€314M). In February 2022 the top imports of Portugal were Mineral fuels, mineral oils and products... (€1.42B), Vehicles; other than railway or tramway... (€794M), Electrical machinery and equipment and parts... (€756M), Nuclear reactors, boilers, machinery and mechanical... (€566M), and Plastics and articles thereof (€425M).
Destinations In February 2022, Portugal exported mostly to Spain (€1.59B), France (€848M), Germany (€643M), United States (€354M), and Italy (€277M), and imported mostly from Spain (€2.64B), Germany (€956M), France (€507M), Netherlands (€454M), and Italy (€387M).
Growth In February 2022, the increase in Portugal's year-by-year exports was explained primarily by an increase in exports to Other (€32.4M or 687%), Japan (€12.2M or 113%), and Malta (€11M or 571%), and product exports increase in Tobacco and manufactured tobacco substitutes (€25.4M or 63.2%), Iron and steel (€16M or 14.5%), and Pharmaceutical products (€13.1M or 15.9%). In February 2022, the increase in Portugal's year-by-year imports was explained primarily by an increase in imports from Nigeria (€50.4M or 91.9%), Russia (€37.8M or 71.4%), and Turkey (€25.9M or 40.3%), and product imports increase in Chemical products n.e.s. (€30.8M or 20.1%), Cereals (€9.92M or 16.8%), and Oil seeds and oleaginous fruits; miscellaneous... (€8.39M or 14.3%).
EXPORT GROWTH (February 2021 - February 2022): €987M, (19.7%)
IMPORT GROWTH (February 2021 - February 2022): €2.39B, (41.6%)
MAIN DESTINATION (February 2022): Spain, €1.59B
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), Vehicle Parts ($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).
In 2020 Portugal imported $77.3B, making it the number 40 trade destination in the world. During the last five reported years the imports of Portugal changed by $9.71B from $67.6B in 2015 to $77.3B in 2020.
The most recent imports of Portugal are led by Cars ($3.59B), Crude Petroleum ($3.53B), Vehicle Parts ($2.41B), Packaged Medicaments ($2.38B), and Petroleum Gas ($1.42B). The most common import partners for Portugal are Spain ($23.8B), Germany ($10B), France ($5.51B), Netherlands ($4.19B), and Italy ($4.11B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Portugal Exports Services (2019): $36.9B
Portugal Imports Services (2019): $19.2B
In 2019, Portugal exported $36.9B worth of services. The top services exported by Portugal in 2019 were Travel ($20.6B), Air transport ($5.33B), Miscellaneous business, professional, and technical services ($5.02B), Other transport ($1.95B), and Sea transport ($868M).
The top services imported by Portugal in 2019 were Travel ($5.93B), Miscellaneous business, professional, and technical services ($4.54B), Air transport ($2.6B), Sea transport ($1.62B), and Operational leasing services ($680M).
The top product import tariffs by their MFN Ad Valorem value for Portugal are Vermouth and other flavoured grape wines - pack > 2l (72.3k%)and Vermouth and other flavoured grape wines - pack > 2l (50.6k%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for Portugal are:
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 tools and dies for hand or power tools (1.69), Chain and parts thereof, of iron or steel (1.5), Moulds for metals (except ingot), plastic, rubber, etc (1.49), Machine-tools for forging, die-stamping, bending metal (1.47), and Bar, rod nes, stainless steel, angles, shapes/sections (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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