That dollar amount results from a 25% increase compared to $67.1 billion five years earlier during 2019.
Year over year, the overall value of Portuguese exported goods slowed to a 1.5% gain from $82.6 billion in 2022.
Based on the average exchange rate for 2023, Portugal uses the euro which depreciated by -3.5% against the US dollar since 2019 but appreciated by 2.6% from 2022 to 2023. The weaker European Union currency compared to 2019 made Portugal’s exports paid for in stronger US dollars relatively less expensive for American buyers.
Based on the average exchange rate for 2023, Finland uses the euro which depreciated by -3.5% against the US dollar since 2019 but depreciated by -2.6% from 2022 to 2023. The weaker European Union currency after 2019 made Finland’s exports paid for in stronger US dollars relatively lesser expensive for American buyers.
Portugal’s 5 most valuable exported products are refined petroleum oils, cars, automobile parts or accessories, leather footwear, and new rubber tires. Combined, that quintet of leading goods represents 18.8% of total Portuguese export revenues for 2022. The product range and relatively low percentage implies that Portugal suggests a diversified portfolio of exported products albeit automotive-related products are present.
Portugal’s Best Customers for its Exports
The latest available country-specific data shows that 77.2% of products exported from Portugal was bought by importers in: Spain (25.8% of the Portuguese total), France (13%), Germany (10.8%), United States of America (6.8%), United Kingdom (4.7%), Italy (4.2%), Netherlands (3.5%), Belgium (2.6%), Angola (1.6%), Poland (1.44%), Sweden (1.36%) and Brazil (1.34%).
From a continental perspective, more than three-quarters (78%) of Portugal’s exports by value was delivered to fellow European countries while 7.9% was sold to North American importers. Portugal shipped another 6% worth of goods to Africa.
Portugal is a member of the European Union in good standing. The other EU members bought 76.4% of overall Portuguese exports.
Smaller percentages went to buyers to Asia (5.6%), Latin America (2.1%) excluding Mexico but including the Caribbean, then Oceania (0.4%) led by Australia.
Given Portugal’s population of 10.3 million people, its total $83.8 billion in 2023 exported goods translates to roughly $8,150 for every resident in the southwest European country. That per-capita metric exceeds the average $8,000 for 2022.
Portugal’s Top 10 Exports
The following export product groups represent the highest dollar value in Portuguese global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Portugal.
- Vehicles: US$10.4 billion (12.4% of total exports)
- Electrical machinery, equipment: $7.2 billion (8.6%)
- Machinery including computers: $5.7 billion (6.8%)
- Mineral fuels including oil: $5.6 billion (6.7%)
- Plastics, plastic articles: $3.9 billion (4.7%)
- Pharmaceuticals: $2.9 billion (3.5%)
- Articles of iron or steel: $2.62 billion (3.1%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $2.6 billion (3.1%)
- Knit or crochet clothing, accessories: $2.51 billion (3%)
- Paper, paper items: $2.47 billion (3%)
Portugal’s top 10 exports generated 54.9% of the overall value of total Portuguese shipments.
Pharmaceuticals represent the fastest grower among the top 10 export categories, up by 55.5% from 2022 to 2023.
In second place for improving export sales was machinery including computers via a 17.9% upturn.
Portugal’s shipments of products under the furniture, bedding, lighting, signs and prefabricated buildings category posted the third-fastest gain in value, up by 13.1%.
The leading decliner among Portugal’s top 10 export categories was paper (both as materials and items made from paper) thanks to its -19.7% year-over-year drop.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Portugal’s Top Export Products further down below.
Products Generating Trade Surpluses for Portugal
The following types of Portuguese product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Footwear: US$1.04 billion (Down by -10.1% since 2022)
- Cork, articles of cork: $1.02 billion (Up by 2.5%)
- Paper, paper items: $1.02 billion (Down by -27.6%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $959.7 million (Up by 42.5%)
- Knit or crochet clothing, accessories: $848.1 million (Down by -25.9%)
- Woodpulp: $754.9 million (Down by -8.4%)
- Beverages, spirits, vinegar: $698 million (Down by -5.3%)
- Rubber, rubber articles: $645.4 million (Up by 84.1%)
- Ores, slag, ash: $638.8 million (Down by -8.2%)
- Ceramic products: $636 million (Down by -9.3%)
Portugal has highly positive net exports in the international trade of footwear, cork and paper.
These cashflow surpluses indicate Portugal’s strong competitive advantages under the related product categories.
Products Causing Trade Deficits for Portugal
Portugal posted an overall trade deficit equaling -US$29.7 billion for 2023, declining by -9.4% from -$32.7 billion in red ink one year earlier in 2022.
Below are exports from Portugal that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Portugal’s goods trail Portuguese importer spending on foreign products.
- Mineral fuels including oil: -US$7.6 billion (Down by -37.8% since 2022)
- Electrical machinery, equipment: -$4 billion (Down by -4.1%)
- Machinery including computers: -$3.6 billion (Down by -2.6%)
- Vehicles: -$3 billion (Up by 169.3%)
- Organic chemicals: -$2.3 billion (Up by 81.9%)
- Iron, steel: -$1.8 billion (Down by -16.7%)
- Other chemical goods: -$1.6 billion (Down by -1.8%)
- Meat: -$1.5 billion (Up by 12.8%)
- Fish: -$1.3 billion (Down by -5.2%)
- Cereals: -$1.2 billion (Down by -6.9%)
Portugal has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products, notably for crude oil and petroleum gases.
These cashflow deficiencies clearly indicate Portugal’s competitive disadvantages in the international energy market, but also represent key opportunities for Portugal to improve its position in the global economy through focused innovations.
Major Portuguese Export Companies
According to Forbes Global 2000 rankings, the following are examples of leading Portuguese companies.
- Banco Comercial Portugues (regional banks)
- EDP-Energias de Portugal (electric utilities)
- Galp Energia (oil, gas)
- Jeronimo Martins (food retailer)
- Portugal Telecom (telecommunications services)
The Russian-Portuguese Business Club lists Portugal’s biggest employers involved in international trade.
- Delphi Automotive (automotive parts)
- Petrogal (oil, gas)
- Philip Morris International (tobacco)
- Portucel Soporcel (paper)
- Volkswagen Autoeuropa (automobiles)
Searchable List of Portugal’s Top Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Portugal during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Processed petroleum oils | $4,519,485,000 | -20.4% |
| 2 | Cars | $4,339,421,000 | +2.7% |
| 3 | Automobile parts/accessories | $3,617,467,000 | +11.7% |
| 4 | Footwear (leather) | $1,720,129,000 | -5.3% |
| 5 | Rubber tires (new) | $1,581,008,000 | +15.5% |
| 6 | Speed/distance meters | $1,494,182,000 | +8.6% |
| 7 | Medication mixes not in dosage | $1,402,288,000 | +117.9% |
| 8 | Medication mixes in dosage | $1,373,391,000 | +21.9% |
| 9 | Uncoated paper for writing/printing | $1,331,924,000 | -27.2% |
| 10 | Trucks | $1,223,745,000 | +14.2% |
| 11 | Olive oil | $1,158,956,000 | +17.8% |
| 12 | Insulated wire/cable | $1,154,972,000 | +12.8% |
| 13 | Seats (excluding barber/dentist chairs) | $1,116,533,000 | +23.8% |
| 14 | Wine | $1,003,329,000 | +1.5% |
| 15 | Plastic plates, sheets, film, tape, strips | $997,588,000 | -17.1% |
| 16 | Miscellaneous furniture | $969,340,000 | +3.3% |
| 17 | Miscellaneous iron and steel structures | $940,642,000 | +10.5% |
| 18 | T-shirts, vests (knit or crochet) | $906,729,000 | -2.4% |
| 19 | Telecommunication receivers | $859,592,000 | +18.2% |
| 20 | Cigars/cigarellos, cigarettes | $849,389,000 | +13.2% |
| 21 | Moulding boxes/base | $816,024,000 | +55.1% |
| 22 | Chemical woodpulp (non-dissolving) | $727,468,000 | -8.6% |
| 23 | Centrifuges, filters and purifiers | $709,735,000 | +15.5% |
| 24 | Agglomerated cork | $674,084,000 | +4% |
| 25 | Glass bottles, jars, pots, other containers | $638,405,000 | +20.5% |
| 26 | Solar power diodes/semi-conductors | $624,961,000 | -27.9% |
| 27 | Miscellaneous plastic items | $606,991,000 | +21% |
| 28 | Linens | $577,902,000 | -11% |
| 29 | Jerseys, pullovers (knit or crochet) | $574,181,000 | -11.4% |
| 30 | Items made from natural cork | $508,942,000 | +0.3% |
| 31 | Iron or non-alloy steel bars, rods | $491,591,000 | -13.1% |
| 32 | Petroleum gases | $478,873,000 | -17.2% |
| 33 | Electrical/optical circuit boards, panels | $462,684,000 | +4.2% |
| 34 | Integrated circuits/microassemblies | $451,914,000 | -5.9% |
| 35 | Lower-voltage switches, fuses | $421,307,000 | +6.9% |
| 36 | Air or vacuum pumps | $419,217,000 | +24.8% |
| 37 | Tomatoes (prepared/preserved) | $416,936,000 | +20.1% |
| 38 | Piston engine parts | $409,491,000 | +38.4% |
| 39 | TV/radio/radar device parts | $399,355,000 | +19.7% |
| 40 | Amino-resins | $389,408,000 | -9.3% |
| 41 | Miscellaneous iron or steel items | $387,840,000 | +12.4% |
| 42 | Miscellaneous fruits (fresh) | $386,571,000 | +19% |
| 43 | Bread, biscuits, cakes, pastries | $386,308,000 | +16.9% |
| 44 | Men's suits, trousers (not knit or crochet) | $374,511,000 | +21.3% |
| 45 | Bridge structures, parts | $367,199,000 | +3.9% |
| 46 | Bicycles, other non-motorized cycles | $362,291,000 | -0.1% |
| 47 | Miscellaneous engines, motors | $356,244,000 | +92.2% |
| 48 | Coiled iron or non-alloy steel bars, rods | $346,481,000 | -12.5% |
| 49 | Fish, caviar (preserved/prepared) | $341,230,000 | +15.1% |
| 50 | Taps, valves, similar appliances | $337,987,000 | -15.2% |
| 51 | Temperature-change machines | $332,920,000 | +16.6% |
| 52 | Plastic packing goods, lids, caps | $317,472,000 | -1.3% |
| 53 | Women's clothing (not knit or crochet) | $315,647,000 | +2.2% |
| 54 | Ethylene polymers | $314,762,000 | -27.8% |
| 55 | Phone devices including smartphones | $312,899,000 | +19% |
| 56 | Electrical energy | $311,756,000 | -35.2% |
| 57 | Motorcycles | $311,277,000 | +7.3% |
| 58 | Flat-rolled iron or non-alloy steel products (plated/coated) | $310,978,000 | -5.2% |
| 59 | Whole fish (frozen) | $309,879,000 | +16.4% |
| 60 | Unglazed ceramic flags, tiles | $307,819,000 | -5.3% |
| 61 | Tissues, napkins, toilet paper | $307,705,000 | +22.8% |
| 62 | Copper waste, scrap | $304,545,000 | +3.3% |
| 63 | Miscellaneous iron or steel tubes, pipes | $298,433,000 | -11% |
| 64 | Monument/building stones, art | $297,320,000 | +2.2% |
| 65 | Copper ores, concentrates | $296,004,000 | +14.6% |
| 66 | Aircraft or spacecraft parts | $295,122,000 | +24.3% |
| 67 | Zinc ores, concentrates | $291,465,000 | -25.2% |
| 68 | Plastic plates, sheets, film, tape, strips | $287,722,000 | +7.5% |
| 69 | Sugar (cane or beet) | $280,261,000 | +87.8% |
| 70 | Paper containers, cellulose wadding | $276,246,000 | -6.3% |
| 71 | Radar, radio communication items | $274,568,000 | +57.5% |
| 72 | TV receivers/monitors/projectors | $270,622,000 | +14.6% |
| 73 | Refrigerators, freezers | $270,425,000 | +10.3% |
| 74 | Ceramic tableware, kitchenware | $264,215,000 | -11.4% |
| 75 | Mattresses, quilts | $260,791,000 | +13.6% |
| 76 | Electric water heaters, hair dryers | $243,505,000 | -18.9% |
| 77 | Aluminum bars/rods | $232,483,000 | -17.1% |
| 78 | Non-alcoholic drinks (not water/juice/milk) | $229,228,000 | +22.9% |
| 79 | Twine, cordage, ropes, cables | $229,014,000 | -10.4% |
| 80 | Coated textile fabrics | $228,445,000 | +15.8% |
| 81 | Coal tar oils (high temperature distillation) | $227,158,000 | +11.4% |
| 82 | Moluscs | $226,777,000 | -3.8% |
| 83 | Locks, lock-keys | $224,341,000 | +17.7% |
| 84 | Vinyl chloride polymers | $224,206,000 | -20.3% |
| 85 | Miscellaneous machinery | $217,104,000 | +31.6% |
| 86 | Fresh or dried citrus fruit | $213,834,000 | +5.5% |
| 87 | Electro-medical equip (e.g. xrays) | $212,941,000 | +15.4% |
| 88 | Women's clothing (knit or crochet) | $207,941,000 | -12.6% |
| 89 | Vulcanized rubber items | $203,261,000 | +20.7% |
| 90 | Miscellaneous heterocyclics | $197,260,000 | +219% |
| 91 | Motorcycle parts/accessories | $194,399,000 | -5.4% |
| 92 | Uncoated kraft paper | $184,507,000 | -31.1% |
| 93 | Whole fish (fresh) | $183,280,000 | +7.1% |
| 94 | Miscellaneous aluminum items | $182,177,000 | +1.1% |
| 95 | Electrical converters/power units | $180,312,000 | +26.2% |
| 96 | Men's shirts (knit or crochet) | $177,367,000 | +19.5% |
| 97 | Iron or steel scrap | $176,798,000 | +5.4% |
| 98 | Wood carpentry, builders' joinery | $173,985,000 | +5% |
| 99 | Electric motors, generators | $173,548,000 | +18.5% |
| 100 | Gold (unwrought) | $168,600,000 | +9.6% |
These 100 exported goods were worth a subtotal of US$58.6 billion or 69.9% by value for all products exported from Portugal during 2023.
In macroeconomic terms, Portugal’s total exported goods represent 18% of its overall Gross Domestic Product for 2023 ($465.1 billion valued in Purchasing Power Parity US dollars). That 18% for exports to overall GDP in PPP for 2023 compares to 19.1% one year earlier. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Portugal’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Portugal’s unemployment rate averaged 6.568% for 2023, down from an average 6.05% jobless rate in 2022 according to International Monetary Fund statistics.
Portugal’s capital city is Lisbon.
See also Portugal’s Top Trading Partners, Portugal’s Top 10 Imports, France’s Top Trading Partners, France’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on April 8, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 8, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 8, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 8, 2024
International Trade Centre, Trade Map. Accessed on April 8, 2024
Investopedia, Net Exports Definition. Accessed on April 8, 2024
Russian-Portuguese Business Club, Top 10 Portuguese companies – the largest exporters and importers. Accessed on April 8, 2024
Wikipedia, Gross domestic product. Accessed on April 8, 2024
Wikipedia, Purchasing power parity. Accessed on April 8, 2024