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2023
Economic Complexity
Trade 0.57Rank 42 of 132
2021
Economic Complexity
Technology 0.8Rank 30 of 96
2022
Economic Complexity
Research 0.92Rank 26 of 140
2023
Product
Exports | Imports $83B | $114B46 of 226 |  38 of 226
2023
Per Capita Product
Exports | Imports $7.85k | $10.8k46 of 220 |  29 of 220

About

Overview In 2023, Portugal was the number 48 economy in the world in terms of GDP (current US$), the number 46 in total exports, the number 38 in total imports, the number 50 economy in terms of GDP per capita (current US$) and the number 42 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Portugal are Cars ($4.95B), Motor vehicles; parts and accessories (8701 to 8705) ($3.39B), Unpackaged Medicaments ($2.97B), Refined Petroleum ($2.69B), and Leather Footwear ($1.96B), exporting mostly to Spain ($17.7B), France ($9.19B), Germany ($8.12B), United States ($6.41B), and United Kingdom ($4.5B).

In 2023, Portugal was the world's biggest exporter of Agglomerated Cork ($558M), Natural Cork Articles ($526M), Rosin ($170M), and Hat Forms ($46.3M)

Imports The top imports of Portugal are Cars ($7.13B), Crude Petroleum ($5.79B), Motor vehicles; parts and accessories (8701 to 8705) ($3.62B), Refined Petroleum ($3.31B), and Packaged Medicaments ($2.71B), importing mostly from Spain ($38.1B), Germany ($13B), France ($7.92B), Netherlands ($5.99B), and China ($5.76B).

In 2023, Portugal was the world's biggest importer of Raw Cork ($241M), Debacked Cork ($12.3M), and Pig Hair ($8.07M)

Location Portugal borders Spain by land and Morocco by sea.

Latest Trends

November, 2024

About

Overview In November 2024 Portugal exported €6.8B and imported €9.3B, resulting in a negative trade balance of €2.5B. Between November 2023 and November 2024 the exports of Portugal have decreased by €-248M (-3.52%) from €7.04B to €6.8B, while imports increased by €326M (3.63%) from €8.97B to €9.3B.

Trade In November 2024, the top exports of Portugal were Cars, tractors, trucks & parts thereof. (€887M), Electrical machinery and electronics (€607M), Mineral fuels, mineral oils and products... (€430M), Machinery, mechanical appliances, & parts (€429M), and Plastics & articles thereof (€300M). In November 2024 the top imports of Portugal were Cars, tractors, trucks & parts thereof. (€1.06B), Electrical machinery and electronics (€956M), Pharmaceutical products (€878M), Machinery, mechanical appliances, & parts (€809M), and Mineral fuels, mineral oils and products... (€765M).

Destinations In November 2024, Portugal exported mostly to Spain (€1.86B), Germany (€903M), France (€789M), United States (€367M), and Italy (€325M), and imported mostly from Spain (€3.03B), Germany (€1.02B), France (€711M), Ireland (€657M), and Italy (€458M).

Growth In November 2024, the decrease in Portugal's year-by-year exports was explained primarily by an decrease in exports to France (€-131M or -14.3%), United Kingdom (€-52M or -14.8%), and Italy (€-51.8M or -13.8%), and product exports decrease in Cars, tractors, trucks & parts thereof. (€-97.3M or -9.89%), Machinery, mechanical appliances, & parts (€-46.2M or -9.72%), and Optical, photo, & film equipment; medical... (€-34.7M or -15.9%). In November 2024, the increase in Portugal's year-by-year imports was explained primarily by an increase in imports from Ireland (€589M or 861%), United States (€93.7M or 56.1%), and Brazil (€77.2M or 166%), and product imports increase in Pharmaceutical products (€566M or 181%), Organic chemicals (€92.4M or 66.3%), and Machinery, mechanical appliances, & parts (€38.8M or 5.04%).

Latest Trade

Time Scale
Flow
Color
EXPORT GROWTH (November 2023 - November 2024)€-248M(-3.52%)
IMPORT GROWTH (November 2023 - November 2024)€326M(3.63%)
MAIN DESTINATION (November 2024)Spain€1.86B

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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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Cars$4.95B
Top Destination (2023)Spain$17.7B

In 2023, Portugal exported a total of $83B, making it the number 46 exporter in the world. During the last five reported years the exports of Portugal have changed by $14.6B from $68.4B in 2018 to $83B in 2023.

The most recent exports are led by Cars ($4.95B), Motor vehicles; parts and accessories (8701 to 8705) ($3.39B), Unpackaged Medicaments ($2.97B), Refined Petroleum ($2.69B), and Leather Footwear ($1.96B). The most common destination for the exports of Portugal are Spain ($17.7B), France ($9.19B), Germany ($8.12B), United States ($6.41B), and United Kingdom ($4.5B).

Explore Visualizations

Exports (2023)
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Destinations (2023)
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Market Growth

Flow
View
Growth
Fastest Growing Export Markets (2022 - 2023)
Canada$757M (+ 46.5%)
France$753M (+ 8.92%)
Morocco$351M (+ 27%)
Fastest Growing Import Markets (2022 - 2023)
Spain$1.49B (+ 4.06%)
Ireland$876M (+ 95.4%)
France$706M (+ 9.79%)

Total Export Growth by Market (2022 - 2023)

Subnational Trade

Flow
Color
Geographic Level

This section shows export and import data at the subnational level for Portugal. You can view information at the region, community and municipality level. Click anywhere on the map to filter the data presented in the treemap and see the products imported and exported by that location. Likewise, you can select any product from the treemap to find out which territories sell it. Additionally, you can study the growth and percentage growth by changing the selected options on the buttons.

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Potential Exports

Potential Exports

Type
Flow
Depth
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Service Trade

Service Trade

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).

Service Exports (2020)

Service Imports (2020)

Economic Complexity

Overview

Economic Complexity (Trade)0.57Rank 42 of 132
Economic Complexity (Technology)0.8Rank 30 of 96
Economic Complexity (Research)0.92Rank 26 of 140

Most Specialized Products by RCA Index

Portugal has a high level of specialization in Natural Cork Articles (194), Agglomerated Cork (139), Unpackaged Medicaments (45.8), Revolution Counters (37.2), and Rosin (31.6). 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

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... (1.74), Chain and parts thereof, of iron or steel (1.64), Machine-tools; (including presses) for working metal by forging, hammering or die-stamping, for... (1.53), Stainless steel bars and rods, angles, shapes and sections (1.49), and Machinery; for manufacture or finishing felt or non-wovens in the piece or... (1.47). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Portugal according to the relatedness index, were Knit Men's Coats (0.47), Packing Bags (0.47), Knit Women's Undergarments (0.46), Felt or Coated Fabric Garments (0.46), and Melons (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.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of Portugal. These are products that tend to be co-exported with the products that Portugal exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

Filter
Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Portugal's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨42nd to the 42nd⁩ 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

ECI (Trade) Ranking by Country

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