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2023
Flag → Flag
Exports $192MRnk 44 / 211
2023
Flag → Flag
Top Product $74.1MRubber Tires
2023
Flag → Flag
Exports $939MRnk 42 / 142
2023
Flag → Flag
Top Product $141MCars
2023
Flag
Economic Complexity (ECI) ECI 0.57Rnk 42 / 132
2023
Flag
Economic Complexity (ECI) ECI 1.85Rnk 4 / 132
2023
Flag  
GDP$289BCURRENT US$
Rnk 48 / 195
2013-2023
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GDP GROWTH27.5%CURRENT US$
Rnk 119 / 195
2023
Flag
 GDP$1.71TCURRENT US$
Rnk 14 / 195
2013-2023
Flag
GDP GROWTH25%CURRENT US$
Rnk 127 / 195
2023
Flag
GDP PC $27,331CURRENT US$
Rnk 50 / 195
2013-2023
Flag
GDP PC GROWTH26.1%CURRENT US$
Rnk 84 / 195
2023
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GDP PC$33,121CURRENT US$
Rnk 41 / 196
2013-2023
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GDP PC GROWTH21.9%CURRENT US$
Rnk 99 / 195

About

Portugal-South Korea Trade: In 2023, Portugal exported $192M to South Korea. The main products that Portugal exported to South Korea were Rubber Tires ($74.1M), Unpackaged Medicaments ($11.5M), and Vaccines, blood, antisera, toxins and cultures ($6.47M). Over the past 5 years the exports of Portugal to South Korea have decreased at an annualized rate of 9.09%, from $309M in 2018 to $192M in 2023.

In 2020, Portugal exported services to South Korea worth $18.3M, with Travel ($18.3M) being the largest in terms of value.

South Korea-Portugal Trade: In 2023, South Korea exported $939M to Portugal. The main products that South Korea exported to Portugal were Cars ($141M), Hot-Rolled Iron ($99.8M), and Refined Petroleum ($95.7M). Over the past 5 years the exports of South Korea to Portugal have increased at an annualized rate of 8.2%,  from $633M in 2018 to $939M in 2023.

In 2023, South Korea did not export any services to Portugal.

Comparison: In 2023,  Portugal ranked 42 in the Economic Complexity Index (ECI 0.57), and 46 in total exports ($83B). That same year, South Korea ranked 4 in the Economic Complexity Index (ECI 1.85), and 5 in total exports ($645B).

Latest Trends

November, 2024

About

Overview In November 2024, Portugal exported €12.6M and imported €73M from South Korea, resulting in a negative trade balance of €60.4M. Between November 2023 and November 2024 the exports of Portugal have decreased by €-1.45M (-10.3%) from €14.1M to €12.6M, while imports increased by €19M (35.2%) from €54M to €73M.

Trade In November 2024, the top exports of Portugal to South Korea were Rubber & articles thereof (€7.54M), Cars, tractors, trucks & parts thereof. (€1.39M), Electrical machinery and electronics (€887k), Machinery, mechanical appliances, & parts (€776k), and Knitted clothing accesories (€767k). In November 2024 the top imports of Portugal from South Korea were Iron & steel (€15.2M), Plastics & articles thereof (€8.8M), Machinery, mechanical appliances, & parts (€7.61M), Electrical machinery and electronics (€6.59M), and Organic chemicals (€2.89M).

Growth In November 2024, the decrease in Portugal's year-by-year exports to South Korea was explained primarily by an decrease in product exports in Pharmaceutical products (€-6.31M or -91.1%), Preparations of cereals, flour, starch or... (€-245k or -37.8%), and Miscellaneous edible preparations (€-216k or -100%). In November 2024, the increase in Portugal's year-by-year imports  from South Korea was explained primarily by an increase in product imports  in Iron & steel (€11.1M or 272%), Machinery, mechanical appliances, & parts (€3.37M or 79.5%), and Rubber & articles thereof (€1.14M or 106%).

Latest Trade

Time Scale
Flow
Value
EXPORT GROWTH (November 2023 - November 2024)€-1.45M(-10.3%)
IMPORT GROWTH (November 2023 - November 2024)€19M(35.2%)

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 South Korea and Portugal trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore South Korea and Portugal Data

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Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Portugal exported $192M to South Korea. The main products exported from Portugal to South Korea were Rubber Tires ($74.1M), Unpackaged Medicaments ($11.5M), and Vaccines, blood, antisera, toxins and cultures ($6.47M). During the last 5 years the exports of Portugal to South Korea have decreased at an annualized rate of 9.09%, from $309M in 2018 to $192M in 2023.

In 2018, South Korea exported $939M to Portugal. The main products exported from South Korea to Portugal were Cars ($141M), Hot-Rolled Iron ($99.8M), and Refined Petroleum ($95.7M). During the last 5 years the exports of South Korea to Portugal have increased at an annualized rate of 8.2%, from $633M in 2023 to $939M in 2018.

Exports from Portugal (Flag) to South Korea (Flag) (2023)

Exports from South Korea (Flag) to Portugal (Flag) (2023)

Market Competitiveness

Color
Portugal
Top DestinationSpain$17.7B
South Korea
Top DestinationChina$162B

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

In 2023, countries that imported more from Portugal than South Korea included Spain ($17.7B), Morocco ($1.65B), and Angola ($1.64B).

In 2023, countries that imported more from South Korea than Portugal included China ($162B), United States ($118B), and Hong Kong ($28.8B).

Difference in imports from South Korea (Flag) and Portugal (Flag) (2023)

Comparative Advantage Portugal - South Korea

Flow
Scale

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

During 2023, Portugal had a large net trade with South Korea in the exports of Plastics and Rubbers ($77.4M), Chemical Products ($24.9M), and Machines ($15.2M).

During 2018, South Korea had a large net trade with Portugal in the exports of Machines ($199M), Metals ($168M), and Transportation ($159M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Portugal South Korea+$23.8MCars
Top Product Potential South Korea Portugal+$78.3MCars

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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Economic Complexity

Competitive Landscape

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

Product Space of Portugal (Flag) and South Korea (Flag) (2023)

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