Overview In 2020 Portugal was the number 47 economy in the world in terms of GDP (current US$), the number 43 in total exports, the number 40 in total imports, the number 43 economy in terms of GDP per capita (current US$) and the number 45 most complex economy according to the Economic Complexity Index (ECI).

Exports The top exports of Portugal are Cars ($3.77B), Motor vehicles; parts and accessories (8701 to 8705) ($2.96B), Refined Petroleum ($1.87B), Leather Footwear ($1.52B), and Packaged Medicaments ($1.13B), exporting mostly to Spain ($14.7B), France ($8.01B), Germany ($7.27B), United Kingdom ($3.53B), and United States ($3.31B).

In 2020, Portugal was the world's biggest exporter of Agglomerated Cork ($546M), Natural Cork Articles ($489M), and Hat Forms ($15.5M)

Imports The top imports of Portugal are Cars ($3.59B), Crude Petroleum ($3.53B), Motor vehicles; parts and accessories (8701 to 8705) ($2.41B), Packaged Medicaments ($2.38B), and Petroleum Gas ($1.42B), importing mostly from Spain ($23.8B), Germany ($10B), France ($5.51B), Netherlands ($4.19B), and Italy ($4.11B).

In 2020, Portugal was the world's biggest importer of Raw Cork ($110M) and Debacked Cork ($10.2M)

Location Portugal borders Spain by land and Morocco by sea.

June, 2022

Historical Data

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Top Export (2020): Cars, $3.77B

Top Destination (2020): Spain, $23.8B

In 2020, Portugal exported a total of $62.2B, making it the number 43 exporter in the world. During the last five reported years the exports of Portugal have changed by $5.28B from $56.9B in 2015 to $62.2B in 2020.

The most recent exports are led by Cars ($3.77B), Motor vehicles; parts and accessories (8701 to 8705) ($2.96B), Refined Petroleum ($1.87B), Leather Footwear ($1.52B), and Packaged Medicaments ($1.13B). The most common destination for the exports of Portugal are Spain ($14.7B), France ($8.01B), Germany ($7.27B), United Kingdom ($3.53B), and United States ($3.31B).

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Fastest Growing Export Markets (2019 - 2020)

Fastest Growing Import Markets (2019 - 2020)

Portugal Exports Services (2019): $36.9B

Portugal Imports Services (2019): $19.2B

In 2019, Portugal exported $36.9B worth of services. The top services exported by Portugal in 2019 were Travel ($20.6B), Air transport ($5.33B), Miscellaneous business, professional, and technical services ($5.02B), Other transport ($1.95B), and Sea transport ($868M).

The top services imported by Portugal in 2019 were Travel ($5.93B), Miscellaneous business, professional, and technical services ($4.54B), Air transport ($2.6B), Sea transport ($1.62B), and Operational leasing services ($680M).

Economic Complexity

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Most Specialized Products by RCA Index

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Portugal has a high level of specialization in Natural Cork Articles (201), Agglomerated Cork (152), Revolution Counters (35.5), Ceramic Tableware (26.1), and Twine and Rope (24.2). Specialization is measured using RCA, an index that takes the ratio between Portugal observed and expected exports in each product.

Export Opportunities by Relatedness

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The top export opportunities for Portugal according to the relatedness index, are Packing Bags (0.44), Knit Women's Coats (0.44), Pickled Foods (0.44), Cucumbers (0.43), and Knit Women's Undergarments (0.43). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Portugal is not specialized in.

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

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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.

Diversification Frontier

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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.

Economic Complexity Ranking

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During the last 20 years Portugal's⁩ ⁨economy has become relatively more complex, moving from the ⁩⁨46th to the 45th⁩ 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.

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