Portugal (PRT) and Spain (ESP) Trade | The Observatory of Economic Complexity

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Portugal-Spain Trade: In 2022, Portugal exported $20.5B to Spain. The main products that Portugal exported to Spain were Motor vehicles; parts and accessories (8701 to 8705) ($1.35B), Electricity ($752M), and Refined Petroleum ($641M). Over the past 5 years the exports of Portugal to Spain have increased at an annualized rate of 6.3%, from $15.1B in 2017 to $20.5B in 2022.

In 2020, Portugal exported services to Spain worth $3.15B, with Travel ($1.15B), Transportation ($1.11B), and Other business services ($690M) being the largest in terms of value.

Spain-Portugal Trade: In 2022, Spain exported $34.9B to Portugal. The main products that Spain exported to Portugal were Electricity ($2.63B), Refined Petroleum ($1.62B), and Motor vehicles; parts and accessories (8701 to 8705) ($1.19B). Over the past 5 years the exports of Spain to Portugal have increased at an annualized rate of 7.51%, from $24.3B in 2017 to $34.9B in 2022.

In 2020, Spain exported services to Portugal worth $350M, with Travel ($350M) being the largest in terms of value.

Comparison: In 2022, Portugal ranked 42 in the Economic Complexity Index (ECI 0.57), and 48 in total exports ($81.7B). That same year, Spain ranked 33 in the Economic Complexity Index (ECI 0.81), and 20 in total exports ($394B).

Latest Trends

August, 2024

About

Overview In August 2024, Portugal exported €1.35B and imported €2.67B from Spain, resulting in a negative trade balance of €1.32B. Between August 2023 and August 2024 the exports of Portugal have increased by €21.2M (1.59%) from €1.33B to €1.35B, while imports increased by €75.3M (2.9%) from €2.6B to €2.67B.

Trade In August 2024, the top exports of Portugal to Spain were Cars, tractors, trucks & parts thereof. (€213M), Mineral fuels, mineral oils and products... (€152M), Machinery, mechanical appliances, & parts (€112M), Plastics & articles thereof (€111M), and Electrical machinery and electronics (€82.6M). In August 2024 the top imports of Portugal from Spain were Cars, tractors, trucks & parts thereof. (€284M), Mineral fuels, mineral oils and products... (€236M), Electrical machinery and electronics (€184M), Machinery, mechanical appliances, & parts (€149M), and Plastics & articles thereof (€138M).

Growth In August 2024, the increase in Portugal's year-by-year exports to Spain was explained primarily by an increase in product exports in Machinery, mechanical appliances, & parts (€52.2M or 87.1%), Mineral fuels, mineral oils and products... (€12.1M or 8.65%), and Sugars & confectioneries (€11.5M or 179%). In August 2024, the increase in Portugal's year-by-year imports from Spain was explained primarily by an increase in product imports in Cars, tractors, trucks & parts thereof. (€94.5M or 49.8%), Electrical machinery and electronics (€38.6M or 26.6%), and Organic chemicals (€28.4M or 137%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

EXPORT GROWTH (August 2023 - August 2024)€21.2M(1.59%)

IMPORT GROWTH (August 2023 - August 2024)€75.3M(2.9%)

This section shows exports and imports data at subnational level for Portugal. Click any date in the line plot or any product to explore the exports or imports behavior of Portugal over time.

To check Spain and Portugal trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Portugal exported $20.5B to Spain. The main products exported from Portugal to Spain were Motor vehicles; parts and accessories (8701 to 8705) ($1.35B), Electricity ($752M), and Refined Petroleum ($641M). During the last 5 years the exports of Portugal to Spain have increased at an annualized rate of 6.3%, from $15.1B in 2017 to $20.5B in 2022.

In 2017, Spain exported $34.9B to Portugal. The main products exported from Spain to Portugal were Electricity ($2.63B), Refined Petroleum ($1.62B), and Motor vehicles; parts and accessories (8701 to 8705) ($1.19B). During the last 5 years the exports of Spain to Portugal have increased at an annualized rate of 7.51%, from $24.3B in 2022 to $34.9B in 2017.

Exports from Portugal () to Spain () (2022)

Exports from Spain () to Portugal () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Portugal
Top DestinationSpain$20.5B

Spain
Top DestinationFrance$65.2B

This map shows whether countries import more from Portugal or Spain. Each country is colored based on the difference in imports they receive from Portugal and Spain or the difference in the growth in imports.

In 2022, countries that imported more from Portugal than Spain included Angola ($1.59B), Cape Verde ($407M), and Mozambique ($262M).

In 2022, countries that imported more from Spain than Portugal included France ($65.2B), Germany ($39.2B), and Italy ($32.1B).

Difference in imports from Spain () and Portugal () (2022)

Comparative Advantage Portugal - Spain

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between Portugal and Spain by product, considering products traded by both, Portugal and Spain.

During 2022, Portugal had a large net trade with Spain in the exports of Metals ($2.39B), Machines ($2.34B), and Transportation ($2.2B).

During 2017, Spain had a large net trade with Portugal in the exports of Mineral Products ($5B), Machines ($4.2B), and Metals ($4.2B).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Portugal Spain+$253MCars

Top Product Potential Spain Portugal+$278MCars

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

Esp Year

Prt Year

In 2020, Portugal exported services to Spain worth $3.15B, with Travel ($1.15B), Transportation ($1.11B), and Other business services ($690M) being the largest in terms of value.

In 2020, Spain exported services to Portugal worth $350M, with Travel ($350M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Portugal () to Spain () (2020)

Services Exports from Spain () to Portugal () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of Portugal and Spain. This means that a dot/product with the flag of Portugal indicates it has a comparative advantage over Spain. Similarly, a dot/product with the flag of Spain indicates it has a comparative advantage over Portugal.

About

Latest Trends

About

Latest Trade

Historical Data

Bilateral Trade by Products

Exports from Portugal () to Spain () (2022)

Exports from Spain () to Portugal () (2022)

Market Competitiveness

Difference in imports from Spain () and Portugal () (2022)

Comparative Advantage Portugal - Spain

Potential Exports

Potential Exports

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Bilateral Service Trade

Services Exports from Portugal () to Spain () (2020)

Services Exports from Spain () to Portugal () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Product Space of Portugal () and Spain () (2022)

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