Portugal flag Portugal: Economic and Political Overview

Foreign trade figures of Portugal

Foreign Trade in Figures

Portugal's economy is open to foreign trade, which represents 94% 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 2023, the country mainly exported machinery (15.4%), vehicles (13.1%), base metals (8.4%), agricultural products (7.7%), plastic and rubber (7%), chemicals (6.7%), and mineral fuels (6.6%); with imports being led by the same product categories: machinery (18%) and vehicles (12.8%), followed by mineral fuels (11.6%), chemicals (11.5%), and agricultural products (10.6% - data INE).

In 2023, the main trading partners were Spain (25.8% of total exports), France (13%), Germany (10.8%), the U.S. (6.7%), and the UK (4.7%). In the same year, Portugal’s imports came chiefly from Spain (33.8%), Germany (11.6%), France (7%), and the Netherlands (5.3%). The main extra-EU supplier of goods continued to be China (5% - data Comtrade). Overall, the EU accounted for 70.2% of total exports and 74.5% of imports.

The country has a fluctuating trade balance. In 20232, Portugal exported goods worth USD 83.9 billion (+1.7% year-on-year), with imports decreasing to USD 113.4 billion (-1.4%). However, Portugal is a net service exporter (USD 56 billion in exports against USD 25.6 billion in imports, +20% and +6.7%, respectively - data by WTO). The country’s overall balance of trade was positive by 0.9% of GDP in 2023 (from a deficit of 2.4% one year earlier – World Bank). INE’s preliminary data for 2024 shows exports up 2.5 % and imports up 1.9 % (-1.4 % and -4.0 % in 2023), widening the trade deficit by EUR 78 million to EUR 27,887 million. Excluding fuels and lubricants, exports rose 2.0 % and imports 3.0 % (+0.7 % and +1.7 % in 2023), with the trade deficit reaching EUR 21,909 million, up EUR 1,328 million from 2023.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 89,53877,89598,200115,080113,475
Exports of Goods (million USD) 67,06361,49675,22982,46383,901
Imports of Services (million USD) 19,90515,64020,09823,99325,613
Exports of Services (million USD) 39,99925,48932,44546,64956,010

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 86.876.585.9101.493.8
Trade Balance (million USD) -18,226-14,236-18,745-27,739-26,756
Trade Balance (Including Service) (million USD) 1,836-4,388-6,766-5,0833,580
Imports of Goods and Services (Annual % Change) 5.1-11.612.311.31.7
Exports of Goods and Services (Annual % Change) 4.0-18.312.017.23.5
Imports of Goods and Services (in % of GDP) 43.139.344.351.946.4
Exports of Goods and Services (in % of GDP) 43.737.341.549.547.3

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 2.83.12.42.01.9
Volume of imports of goods and services (Annual % change) 3.73.33.02.72.3

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Portugal is a member of the following international economic organisations: IMF, European Union, ICC, WHO, OECD, Schengen Convention, European Economic Area, Latin American Integration Association (observer), among others. For the full list of economic and other international organisations in which participates Portugal click here. International organisation membership of Portugal is also outlined here.
Free Trade Agreements
The up-to-date list of Free Trade Agreements signed by Portugal can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
Spain 25.8%
France 13.0%
Germany 10.8%
United States 6.7%
United Kingdom 4.7%
See More Countries 38.9%
Main Suppliers
(% of Imports)
2023
Spain 33.8%
Germany 11.6%
France 7.0%
Netherlands 5.3%
China 5.0%
See More Countries 37.4%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

83.9 bn USD of products exported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 5.4%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.2%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 4.3%
Footwear with outer soles of rubber, plastics,...Footwear with outer soles of rubber, plastics, leather or composition leather and uppers of leather (excl. orthopaedic footwear, skating boots with ice or roller skates attached, and toy footwear) 2.1%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber 1.9%
See More Products 81.2%
113.5 bn USD of products imported in 2023
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 6.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 5.2%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 3.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 2.9%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.4%
See More Products 80.0%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

55.9 bn USD of services exported in 2023
48.63%
19.80%
16.17%
8.13%
2.10%
1.69%
0.88%
0.80%
0.72%
0.40%
0.39%
0.27%
25.6 bn USD of services imported in 2023
26.65%
26.61%
23.36%
7.62%
3.60%
2.86%
2.85%
2.50%
1.81%
1.58%
0.40%
0.18%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: March 2025