That dollar amount results in a 20.3% increase in Portuguese spending from $95.6 billion five years earlier during 2018, and a 16.9% year-over-year expansion compared to $98.3 billion in 2021.
Based on the average exchange rate for 2022, Portugal uses the euro which depreciated by -12.1% against the US dollar since 2018 and diluted by -12.3% from 2021 to 2022. The weaker European Union currency in 2022 relatively more expensive than in 2021 when converted starting from euros.
Domestically, the inflation rate for Portugal’s average consumer prices was 8.103% in 2022 up from 0.941% for 2021.
Portugal’s Best International Trade Suppliers
The latest available country-specific data shows that 70.8% of products imported into Portugal were supplied by exporters in: Spain (35.6% of the Portuguese total), Germany (7.5%), France (5.2%), mainland China (5.1%), Netherlands (4%), Italy (2.8%), Brazil (2.7%), United States of America (2.2%), Belgium (also 2.2%), Nigeria (1.8%), Poland (1.7%) and Türkiye (1.3%).
Applying a continental lens, approaching three-quarters (72.1%) of Portugal’s total imports by value in 2022 were purchased from fellow European countries. Trade partners in Asia supplied 13% of imports purchased by Portugal.
Smaller percentages came from suppliers in Latin America (5.6%) excluding Mexico but including the Caribbean, Africa (5.5%), North America (3.7%), then Oceania (0.1%) led by Australia and New Zealand.
Given Portugal’s population of 10.3 million people, its total $115 billion in 2022 imports translates to roughly $10,300 in yearly product demand from every person in the southwest European country. That per-capita metric exceeds the average $9,500 for 2021.
Portugal’s Top 10 Imports
The following product groups represent the highest dollar value in Portugal’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Portugal.
- Mineral fuels including oil: US$19.2 billion (16.7% of total imports)
- Electrical machinery, equipment: $11 billion (9.6%)
- Vehicles: $10.8 billion (9.4%)
- Machinery including computers: $8.4 billion (7.3%)
- Plastics, plastic articles: $5.5 billion (4.8%)
- Iron, steel: $4.3 billion (3.8%)
- Pharmaceuticals: $3.7 billion (3.3%)
- Organic chemicals: $2.8 billion (2.4%)
- Fish: $2.4 billion (2.1%)
- Other chemical goods: $2.2 billion (1.9%)
Portugal’s top 10 imports generated over three-fifths (61.2%) of the overall value of imported products purchased from other countries.
The fastest increases among the leading product categories belong to imports of mineral fuels including oil (up 70.5% from 2022), electrical machinery and equipment (up 16.4%), vehicles (up 15.1%), and fish (up 11.5%).
The worst year-over-year decline was the -5.7% downturn for Portuguese imports of miscellaneous chemical goods.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information presented under the virtual folder tabs is at the more granular 4-digit level.
Portugal’s Most Valuable Mineral Fuels Imports Including Oil
In 2022, Portuguese importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Crude oil: US$7.8 billion (up 62.1% from 2021)
- Petroleum gases: $5.1 billion (up 119.8%)
- Processed petroleum oils: $3.9 billion (up 56.2%)
- Electrical energy: $2.2 billion (up 73.1%)
- Petroleum oil residues: $161.8 million (up 24.8%)
- Petroleum jelly, mineral waxes: $31.5 million (up 5.6%)
- Coal tar oils (high temperature distillation): $17.6 million (down -90.5%)
- Peat: $13.5 million (down -0.1%)
- Asphalt/petroleum bitumen mixes: $9.3 million (down -27.6%)
- Coke, semi-coke: $5.4 million (up 44.4%)
Among these import subcategories, Portuguese purchases of petroleum gases (up 119.8%), electrical energy (up 73.1%) then crude oil (up 62.1%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Portuguese businesses and consumers.
Portugal’s Most Valuable Electronics Imports
In 2022, Portuguese importers spent the most on the following 10 subcategories of electrical goods including consumer electronics.
- Integrated circuits/microassemblies: US$1.6 billion (up 21.4% from 2021)
- Phone devices including smartphones: $1.5 billion (up 1.2%)
- Solar power diodes/semi-conductors: $1.4 billion (up 117.5%)
- TV/radio/radar device parts: $615.2 million (down -9.5%)
- Insulated wire/cable: $612.1 million (up 6.4%)
- Lower-voltage switches, fuses: $486.2 million (up 6.6%)
- Electrical converters/power units: $433.9 million (up 22.4%)
- Electric water heaters, hair dryers: $383.4 million (up 1.4%)
- TV receivers/monitors/projectors: $382.5 million (down -5.1%)
- Electric motors, generators: $289 million (up 22.6%)
Among these import subcategories, Portuguese purchases of solar power diodes or semi-conductors (up 117.5%), electric motors and generators (up 22.6%) then electrical converters or power units (up 22.4%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of electronics-related imports among Portuguese businesses and consumers.
Portugal’s Most Valuable Vehicles Imports
In 2022, Portuguese importers spent the most on the following 10 subcategories of vehicles.
- Cars: US$4.9 billion (up 20.7% from 2021)
- Automobile parts/accessories: $3.5 billion (up 9.5%)
- Motorcycle parts/accessories: $581.7 million (up 31.1%)
- Trucks: $547.2 million (down -8.6%)
- Tractors: $472.3 million (up 4.4%)
- Motorcycles: $234 million (up 11.7%)
- Public-transport vehicles: $212.4 million (up 195.6%)
- Trailers: $170.7 million (up 14.6%)
- Special purpose vehicles: $36.5 million (down -10.2%)
- Bicycles, other non-motorized cycles: $36.3 million (down -5.6%)
Among these import subcategories, Portuguese purchases of public-transport vehicles (up 195.6%), motorcycle parts or accessories (up 31.1%) then cars (up 20.7%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of vehicles-related imports among Portuguese businesses and consumers.
Portugal’s Most Valuable Machinery Imports Including Computers
In 2022, Portuguese importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$1 billion (down -18.8% from 2021)
- Piston engines: $501.8 million (up 22%)
- Taps, valves, similar appliances: $433.9 million (down -1.4%)
- Centrifuges, filters and purifiers: $414.9 million (down -19.1%)
- Refrigerators, freezers: $355.4 million (up 0.3%)
- Air conditioners: $355.3 million (up 6.7%)
- Miscellaneous machinery: $323.5 million (down -17.4%)
- Air or vacuum pumps: $314.9 million (down -0.1%)
- Engines (diesel): $292.8 million (down -4.2%)
- Machinery parts: $279.3 million (up 13.4%)
Among these import subcategories, Portuguese purchases of piston engines (up 22%), machinery parts (up 13.4%) then air conditioners (up 6.7%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery-related imports among Portuguese businesses and consumers.
See also Portugal’s Top Trading Partners, Portugal’s Top 10 Exports, France’s Top Trading Partners, France’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on June 23, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on June 23, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 23, 2023
International Trade Centre, Trade Map. Accessed on June 23, 2023