Foreign trade in figures

Portugal's economy is open to foreign trade, which represents 102% of its GDP (World Bank, latest data available). While the country has traditionally exported agricultural products, textiles and clothing, it has begun to export an increasing amount of technological equipment. In 2022, the country mainly exported petroleum oils (6.9%), vehicles (5.1%), parts of vehicles (3.9%), paper and footware (2.2% each); whereas imports were led by petroleum oils (6.7%), petroleum gas (4.4%), motor cars (4.3%) and their parts (3% - data Comtrade). Forest products have been among the country’s main exports, accounting in the current millennium for 10% of the total exports (official governmental data).

Data from Comtrade shows that in 2022 the main trading partners were Spain (26.2% of total exports), France (12.3%), Germany (10.8%) and the U.S. (6.5%). In the same year, Portugal’s main suppliers were Spain (31.9%), Germany (1.%), France (6.1%), China (5.1%), and the Netherlands (5%). The main extra-EU supplier of goods to Portugal continued to be China.

The country has a structural trade balance deficit. In 2022, Portugal exported goods worth USD 82.2 billion (+9.3% year-on-year), with imports increasing at a faster pace (+16.9%, at USD 114.8 billion). However, Portugal is a net service exporter (USD 46.5 billion in exports against USD 23.8 billion in imports, +44.3% and +18.2%, respectively - data by WTO). The country’s overall balance of trade was negative by 2.4% (was 2.8% one year earlier – World Bank). In the accumulated period January to August 2023, Portuguese exports of goods and services increased by 7% compared to the same period in 2022, reaching EUR 85 billion. Meanwhile, imports totalled EUR 81.8 billion (-0.3% - data Bank of Portugal).