Portugal Trade Figures: Top 5 Commodity Imports & Exports Revealed

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Portugal Economy Overview

Portugal is currently ranked as the world’s #46 economy in terms of its GDP of $241 billion.

It’s the 44th biggest export economy with annual exports worth $72 billion, while imports of $89.9 billion make it the and 39th biggest importer. This results in a negative trade balance of -$17.9 billion.

This guide gives you an overview of the Portuguese economy, including the country’s primary imports and exports.

Top Portuguese Exports

Commodity Exports

  • Refined petroleum – $2.87 billion
  • Uncoated paper – $1.3 billion
  • Pure olive oil – $723 million
  • Copper ore – $306 million
  • Zinc ore – $284 million

If you’d like to trade some of these commodities, you can jump to our list of regulated brokers right now.

Other Notable Exports

  • Cars  – $4.33 billion
  • Vehicle parts – $3.56 billion
  • Leather footwear – $2.16 billion
  • Rubber tires – $1.21 billion
  • Knit T-shirts – $1.05 billion

The top export destinations of Portugal are Spain ($16.8 billion), France ($9.07 billion), Germany ($8.44 billion), the United Kingdom ($4.79 billion), and the United States ($3.76 billion).

GDP of Portugal

Portugal’s GDP, according to the latest figures (2018), is $241 billion with a GDP per capita of $23.408.

In the ten years between 2008 and 2018, the country’s GDP showed a negative growth rate of -$8.26%. The GDP per capita went down by -$5.79% during the same period.

Top Portuguese Imports

Commodity Imports

  • Crude petroleum – $5.75 billion
  • Petroleum gas – $1.85 billion
  • Refined petroleum – $1.41 billion
  • Hot-rolled iron – $711 million
  • Scrap iron – $551 million

Other Notable Imports

  • Cars – $5.47 billion
  • Vehicle parts – $2.92 billion
  • Packaged medicaments – $2.3 billion
  • Broadcasting equipment – $1.26 billion
  • Integrated circuits – $901 million

Did you know? Portugal has a rich heritage of seafaring and discovery. That is one of the reasons why this former colonial power is responsible for the fact that around 200 million Portuguese speakers are spread around the globe.

Details on Portugal’s Imports/Exports

Refined Petroleum

Exports of refined petroleum account for 3.98% of Portugal’s total annual exports. The country has a 0.38% share of a global export market worth $753 billion per year.

The United States (30.7%) and Spain (23.6%) are key destinations for shipments of Portugal’s refined petroleum, followed by the Netherlands (7.39%%).

Rolled Tobacco

Shipments of rolled tobacco contribute 0.94% to Portugal’s total exports. The country has a 2.52% share of a worldwide export market for this commodity that is worth $27 billion.

Other European countries that outperform Portugal in terms of rolled tobacco export values and global market share are Poland (12.7%), Germany (11.3%), the Netherlands (3.86%), Lithuania (3.41%), the Czech Republic (2.78%), and Romania (2.58%).

Pure Olive Oil

The global export market for pure olive oil is worth $8.5 billion annually. Portugal is the fourth-largest exporter with an 8.5% market share, behind Spain (43.3%), Italy (19.7%), and Tunisia (9.28%).

Portugal exports 70.8% of its pure olive oil shipments to two destinations only – Spain (31.8%) and Brazil (39%).

Copper Ore

Shipments of copper ore account for 0.43% of Portugal’s total yearly exports. The country has a 0.48% share of a global export market that is worth $64.2 billion annually.

Portugal has a number of natural mineral resources, including two copper mines, Neves Corvo and Sao Domingos.

Interesting Facts About Portugal

  • Portuguese is the official language of eight other countries around the world.
  • The city of Lisbon is officially older than Rome.
  • The Vasco de Gama bridge near Lisbon is the longest bridge in Europe.
  • The largest community of Portuguese people outside of the country lives in Paris.
  • Portugal leads the way in renewable energy and already meets 70% of its needs through hydro, solar, and wind power.

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