Portugal’s economy ranks number 47 in the world in terms of GDP in 2020. A member of the Eurozone, the majority of its international trade is done within the European Union. Portugal also ranks number 43 in total exports and number 40 in total imports.
Let’s take a look at the largest Portuguese imports and exports so you can get a sense of Portugal’s involvement in international trade.
Portugal’s imports cost the country $97.5 billion in 2021, an over 23% increase since 2017. 77.1% of Portugal’s imports were purchased from other European countries, while 12.7% were supplied from Asia. Other imports came from Latin America (3.9%), Africa (3.5), North America (2.7%), and Oceania (0.1%).
Let’s take a look at Portugal’s 10 largest imports by value in 2021:
Mineral fuels take #1 on the list for 2021. The top mineral fuel products that Portugal imported in 2021 include crude oil ($4.8 billion), processed petroleum oils ($2.5 billion), and petroleum gases ($2.3 billion).
For #2 on this list, cars top the vehicle category at $4.1 billion, followed by automotive parts ($3.2 billion) and trucks ($595.2 million).
In 2021, Portugal exported $75.1 billion worth of goods, around a 20% increase since 2017. Two-thirds of exports from Portugal were bought by Spain (26.7%), France (13.1%), Germany (11%), the USA (5.6%), the UK (5.2%), Italy (4.5%), Netherlands (3.9%), Belgium (2.5%), Angola (1.5%), Poland (1.4%), Morocco (1.4%), and Sweden (1.2%).
Along with most of the exports being delivered to European countries, 6.7% were sold to North America, 5.7% to Africa, and 5.4% to Asia.
Let’s take a look at Portugal’s 10 largest exports by value in 2021:
