Flag Portugal

Econ Complexity (2018): 0.46, Rank 48 of 137

Product Exports (2018): $72B, Rank 44 of 222

Exports Per Capita (2018): $7k, Rank 136 of 219

Product Imports (2018): $89.9B, Rank 39 of 221

Imports Per Capita (2018): $8.74k, Rank 137 of 219

Service Exports (2017): $32.8B, Rank 29 of 139

Service Imports (2017): $15.6B, Rank 42 of 139

GDP (2018): $241B, CURRENT US$
Rank 46 of 196

GDP growth (2008 - 2018): -8.26%, CURRENT US$
Rank 183 of 196

GDP PC (2018): $23,408, CURRENT US$
Rank 41 of 196

GDP PC GROWTH (2008 - 2018): -5.79%, CURRENT US$
Rank 162 of 196

Overview: In 2018 Portugal was the number 46 economy in the world in terms of GDP (current US$), the number 44 in total exports, the number 39 in total imports, and the number 48 most complex economy according to the Economic Complexity Index (ECI). In 2018, Portugal exported $72B and imported $89.9B, resulting in a negative trade balance of -$17.9B. In 2018, Portugal's exports per capita were $7k and its imports per capita were $8.74k.

Trade: The top exports of Portugal are Cars ($4.33B), Vehicle Parts ($3.56B), Refined Petroleum ($2.87B), Leather Footwear ($2.16B), and Uncoated Paper ($1.44B). The top imports of Portugal are Crude Petroleum ($5.75B), Cars ($5.47B), Vehicle Parts ($2.92B), Packaged Medicaments ($2.3B), and Petroleum Gas ($1.85B).

Destinations: Portugal exports mostly to Spain ($16.8B), France ($9.07B), Germany ($8.44B), United Kingdom ($4.79B), and United States ($3.76B), and imports mostly from Spain ($27.2B), Germany ($11.9B), France ($6.63B), Italy ($5.01B), and Netherlands ($4.58B).

Location: Portugal borders Spain by land and Morocco by sea.

Product Exports

#permalink to section

Top Export (2018): Cars, $4.33B

Top Destination (2018): Spain, $16.8B

In 2018 Portugal exported a total of $72B, making it the number 44 exporter in the world. During the last five reported years the exports of Portugal have changed by $9.92B from $62.1B in 2013 to $72B in 2018.

The most recent exports are led by Cars ($4.33B), Vehicle Parts ($3.56B), Refined Petroleum ($2.87B), Leather Footwear ($2.16B), and Uncoated Paper ($1.44B). The most common destination for the exports of Portugal are Spain ($16.8B), France ($9.07B), Germany ($8.44B), United Kingdom ($4.79B), and United States ($3.76B).

Explore Visualizations

Product Imports

#permalink to section

Top Import (2018): Crude Petroleum, $5.75B

Top Origin (2018): Spain, $27.2B

In 2018 Portugal imported $89.9B, making it the number 39 trade destination in the world. During the last five reported years the imports of Portugal changed by $12.9B from $77B in 2013 to $89.9B in 2018.

The most recent imports of Portugal are led by Crude Petroleum ($5.75B), Cars ($5.47B), Vehicle Parts ($2.92B), Packaged Medicaments ($2.3B), and Petroleum Gas ($1.85B). The most common import partners for Portugal are Spain ($27.2B), Germany ($11.9B), France ($6.63B), Italy ($5.01B), and Netherlands ($4.58B).

Explore Visualizations


Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Portugal Exports Services (2017): $32.8B

Portugal Imports Services (2017): $15.6B

In 2017, Portugal exported $32.8B worth of services. The top services exported by Portugal in 2017 were Travel ($17.1B), Transportation ($7.4B), Miscellaneous business, professional, and technical services ($4.83B), Computer and information services ($1.62B), and Construction services ($725M).

The top services imported by Portugal in 2017 were Travel ($4.85B), Transportation ($4.07B), Miscellaneous business, professional, and technical services ($3.53B), Computer and information services ($1.04B), and Royalties and license fees ($867M).

Trade Forecasts

#permalink to section

This section shows forecasts for total product exports and imports for Portugal. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

Explore Forecasts

Tariffs by Product

#permalink to section

The top product import tariffs by their MFN Ad Valorem value for Portugal are Sugar beet (178%) and Whey (173%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

Explore Tariff Data

*The tariffs applied to imports for Portugal are:
109: Caribbean Forum (CARIFORUM) - European Union Economic Partnership Agreements (EPA)
119: Customs Union between EU and Turkey
121: Economic Partnership Agreement (EPA) between the EU and the Southern African Development Community (SADC) EPA Group
122: EU preferential tariff for sugar producing countries
123: European Union Generalized System of Preference
124: European Union GSP for Least Developed Countries
136: Most Favoured Nation duty rate treatement
160: Preferential tariff for Albania
161: Preferential tariff for Algeria
162: Preferential tariff for Andorra
172: Preferential tariff for Bosnia and Herzegovina
177: Preferential tariff for Cameroon
181: Preferential tariff for Central American Common Market CACM (Spanish: Mercado Común Centroamericano MCCA) Central American Integration System SICA
182: Preferential tariff for Chile
189: Preferential tariff for Colombia
205: Preferential tariff for Ecuador
206: Preferential tariff for Egypt
209: Preferential tariff for EPA countries
218: Preferential tariff for European Union countries
222: Preferential tariff for Faroe Islands
223: Preferential tariff for Fiji
224: Preferential tariff for for occupied Palestinian territory
226: Preferential tariff for Georgia
227: Preferential tariff for Ghana
238: Preferential tariff for Iceland
239: Preferential tariff for India
244: Preferential tariff for Israel
247: Preferential tariff for Jordan
249: Preferential tariff for Korea, Republic of
255: Preferential tariff for Lebanon
258: Preferential tariff for Liechtenstein
262: Preferential tariff for Macedonia
270: Preferential tariff for Mexico
272: Preferential tariff for Montenegro
273: Preferential tariff for Morocco
281: Preferential tariff for Norway
283: Preferential tariff for Overseas Countries and Territories
284: Preferential tariff for Pakistan
287: Preferential tariff for Papua New Guinea
289: Preferential tariff for Peru
293: Preferential tariff for San Marino
295: Preferential tariff for Selected Eastern and Southern African countries(Madagascar, Mauritius, Seychelles and Zimbabwe)
299: Preferential tariff for Singapore
302: Preferential tariff for South Africa
306: Preferential tariff for Switzerland
308: Preferential tariff for Syria
318: Preferential tariff for the republic of Moldova
321: Preferential tariff for Tunisia
325: Preferential tariff for Ukraine
341: Preferential tariffs for countries benefiting from the special incentive arrangement for sustainable development and good governance

Economic Complexity

#permalink to section

Economic Complexity Ranking

#permalink to section

During the last 20 years Portugal's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨46th to the 48th⁩ 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

Most Specialized Products by RCA Index

#permalink to section

Portugal has a high level of specialization in Natural Cork Articles (178), Agglomerated Cork (162), Uncoated Paper (24.9), Revolution Counters (23.5), and Ceramic Tableware (23). 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

#permalink to section

The highest complexity exports of Portugal according to the product complexity index (PCI) are Measuring or checking instruments nes (1.65), Taps, cocks, valves for pipes, tanks, boilers, etc (1.49), Interchangeable tools and dies for hand or power tools (1.46), Auxiliary machinery and parts for textile machinery (1.45), and Machine-tools for forging, die-stamping, bending metal (1.44). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

#permalink to section

The top export opportunities for Portugal according to the relatedness index, are Knit Women's Coats (0.45), Pickled Foods (0.45), Packing Bags (0.45), Knit Women's Undergarments (0.45), and Non-Knit Men's Coats (0.45). 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 it is currently specialized in.

Diversification Frontier

#permalink to section

The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a 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 emissions.