Portugal2021 Economic Complexity Trade : 0.56, Rank 43 of 131
2021 Economic Complexity Technology : 0.8, Rank 30 of 96
2021 Economic Complexity Research : 1, Rank 26 of 140
2021 Product Exports | Imports: $75.6B | $97.8B, 46 of 226 | 42 of 226
2021 Per Capita Product Exports | Imports: $7.34k | $9.49k, 55 of 219 | 35 of 219
Overview In 2021, Portugal was the number 47 economy in the world in terms of GDP (current US$), the number 46 in total exports, the number 42 in total imports, the number 37 economy in terms of GDP per capita (current US$) and the number 43 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Portugal are Cars ($4.21B), Motor vehicles; parts and accessories (8701 to 8705) ($3.11B), Refined Petroleum ($2.67B), Leather Footwear ($1.72B), and Rubber Tires ($1.28B), exporting mostly to Spain ($19.3B), France ($9.33B), Germany ($8.13B), United States ($4.49B), and United Kingdom ($4.08B).
In 2021, Portugal was the world's biggest exporter of Agglomerated Cork ($646M), Natural Cork Articles ($534M), and Hat Forms ($21M)
Imports The top imports of Portugal are Crude Petroleum ($4.46B), Cars ($3.89B), Motor vehicles; parts and accessories (8701 to 8705) ($2.98B), Refined Petroleum ($2.52B), and Packaged Medicaments ($2.27B), importing mostly from Spain ($30.5B), Germany ($11.7B), France ($6.24B), Italy ($5.14B), and Netherlands ($5.08B).
In 2021, Portugal was the world's biggest importer of Raw Cork ($105M) and Debacked Cork ($20.8M)
March, 2023
Overview In March 2023 Portugal exported €7.84B and imported €9.93B, resulting in a negative trade balance of €2.09B. Between March 2022 and March 2023 the exports of Portugal have increased by €1.24B (18.8%) from €6.6B to €7.84B, while imports increased by €912M (10.1%) from €9.02B to €9.93B.
Trade In March 2023, the top exports of Portugal were Cars, tractors, trucks & parts thereof. (€1.07B), Electrical machinery and electronics (€635M), Pharmaceutical products (€529M), Machinery, mechanical appliances, & parts (€527M), and Mineral fuels, mineral oils and products... (€427M). In March 2023 the top imports of Portugal were Mineral fuels, mineral oils and products... (€1.24B), Cars, tractors, trucks & parts thereof. (€1.16B), Electrical machinery and electronics (€898M), Machinery, mechanical appliances, & parts (€794M), and Organic chemicals (€534M).
Destinations In March 2023, Portugal exported mostly to Spain (€1.9B), France (€1.03B), Germany (€880M), United States (€739M), and United Kingdom (€377M), and imported mostly from Spain (€3.37B), Germany (€1.09B), France (€639M), Netherlands (€496M), and Italy (€492M).
Growth In March 2023, the increase in Portugal's year-by-year exports was explained primarily by an increase in exports to United States (€325M or 78.4%), Spain (€198M or 11.7%), and France (€183M or 21.8%), and product exports increase in Pharmaceutical products (€413M or 355%), Cars, tractors, trucks & parts thereof. (€316M or 41.6%), and Machinery, mechanical appliances, & parts (€163M or 44.9%). In March 2023, the increase in Portugal's year-by-year imports was explained primarily by an increase in imports from Spain (€427M or 14.5%), Ireland (€353M or 591%), and Brazil (€93.6M or 27%), and product imports increase in Organic chemicals (€307M or 136%), Cars, tractors, trucks & parts thereof. (€304M or 35.2%), and Machinery, mechanical appliances, & parts (€125M or 18.7%).
EXPORT GROWTH (March 2022 - March 2023): €1.24B, (18.8%)
IMPORT GROWTH (March 2022 - March 2023): €912M, (10.1%)
MAIN DESTINATION (March 2023): Spain, €1.9B
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 2021, Portugal exported a total of $75.6B, making it the number 46 exporter in the world. During the last five reported years the exports of Portugal have changed by $19B from $56.6B in 2016 to $75.6B in 2021.
The most recent exports are led by Cars ($4.21B), Motor vehicles; parts and accessories (8701 to 8705) ($3.11B), Refined Petroleum ($2.67B), Leather Footwear ($1.72B), and Rubber Tires ($1.28B). The most common destination for the exports of Portugal are Spain ($19.3B), France ($9.33B), Germany ($8.13B), United States ($4.49B), and United Kingdom ($4.08B).
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 (202), Agglomerated Cork (154), Revolution Counters (39.5), Rosin (28.3), and Uncoated Paper (27.2). 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 Tools, interchangeable; for hand tools, whether or not power-operated, or for machine... (1.67), Machinery, auxiliary; for use with machines of heading no. 8444 to 8447... (1.53), Petroleum resins, coumarone-indene resins, polyterpenes, polysulphides, polysulphones and similar products of chemical... (1.49), Textile fabrics impregnated, coated, covered or laminated with plastics, other than those... (1.48), and Machine-tools; (including presses) for working metal by forging, hammering or die-stamping, for... (1.46). 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, were Packing Bags (0.46), Knit Women's Undergarments (0.46), Melons (0.46), Pickled Foods (0.46), and Knit Women's Coats (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.
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 43rd 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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