OVERVIEW
Portugal is a country located in Southwestern Europe, on the Iberian Peninsula, known for its maritime heritage, vibrant culture, iconic exports, such as port wine, and fado music, the unique blending of modernity and tradition and a relaxed lifestyle that attracts millions of visitors each year.
Its capital, Lisbon, is one of the oldest cities in Europe, renowned for its colorful neighborhoods, historic trams and dynamic arts scene, and it serves as the political, cultural and economic heart of the country.
In 2023, Portugal ranked
- 48th in terms of GDP, currently valued as $289B, out of 195 economies in the world;
- 46th in terms of total exports out of 226 countries;
- 50th in terms of GDP per capita, valued with current US$, out of 196 economies in the world.
ECONOMIC COMPLEXITY RANKING
EXPORT
In 2023 it was estimated that the principal product that were exported from Portugal were
- Cars - $4.95B;
- Motor vehicles; parts and accessories - $3.39B;
- Unpackaged Medicaments - $2.97B;
- Refined Petroleum - $2.69B;
- Leather Footwear - $1.96B.
On the other hand, the commonest destinations for Portugal exports were
- Spain - $17.7B;
- France - $9.19B;
- Germany - $8.12B;
- United States - $6.41B;
- United Kingdom - $4.5B.
Lastly, it was revealed that, on the same year, Portugal was the world’s largest exporter of many categories, such as
- Agglomerated Cork - $557M;
- Natural Cork Articles - $526M;
- Rosin - $170M;
- Hat Forms - $46.3M.
IMPORT
In 2023 the most imported products from other countries to Portugal were
- Cars - $7.13B;
- Crude Petroleum - $5.79B;
- Motor vehicles; parts and accessories - $3.62B;
- Refined Petroleum - $3.31B;
- Packaged Medicaments - $2.71B.
These goods were mainly produced by
- Spain - $38.1B;
- Germany - $13B;
- France - $7.92B;
- Netherlands - $5.99B;
- China - $5.76B.
Lastly, it was reported that Portugal was the world’s largest importer of
- Raw Cork - $241M;
- Debacked Cork - $12.3M;
- Pig Hair - $8.06M.
YEARLY TRADE
During the last five reported years, the exports of Portugal have increased by $13.3B from $70.8B in 2018 to $84.1B in 2023.
The most recent exports are led by
- Cars - $4.97B;
- Motor vehicles; parts and accessories - $3.32B;
- Refined Petroleum - $2.7B;
- Unpackaged Medicaments - $2.37B;
- Leather Footwear - $1.94B.
They were exported primarily to
- Spain - $19.1B;
- France - $9.36B;
- Germany - $8.63B;
- United States - $6.34B;
- United Kingdom - $4.51B.
CONCLUSIONS
In 2023, Portugal reinforced its role as a stable and innovative economy within the European context, with sectors like tourism and exports that remained strong, while others like renewable energy and tech that gained visibility.
Its strategic position and skilled workforce continued to attract international investors and, despite global challenges, the country has shown adaptability, because its market has offered solid opportunities for long-term growth and regional leadership.
Source: https://oec.world/en
