• Analysis and Studies
• Portugal: import and export

Portugal is a state in southern Europe, located at the extreme southwest of the Iberian Peninsula, and bordered to the north and west by Spain and to the south and east by the Atlantic Ocean. In the 15th and 16th centuries, thanks to its strategic location,

The country became a major colonial power with possessions in Latin America, Africa, and South and East Asia. From the nineteenth century on, with the granting of independence to Brazil (1822) and other colonies, Portugal's extra-European projection began to shrink. Since the 1970s, the country has accelerated the path of continental integration until it joined the European Economic Community along with Spain in 1986.

Portugal is a wonderful tourist destination with many fascinating cities and places. The capital, Lisbon, is an important economic and historical center with about 500 thousand inhabitants. 

The economy of Portugal: trade, import, and export

The country's GDP in 2021 was 249 billion dollars, making it the 48th-largest economy in the world in terms of GDP. According to the Social Progress Index 2022 (published every year by the Social Progress Imperative, a non-profit organization that ranks countries according to social aspects such as access to basic human needs, general well-being, and opportunities), Portugal is the 24th country in the world for living standards.

In 2020, wholesale and retail commerce, transportation, lodging, and food services (20.8%), public administration, defense, education, human health, and social work activities (20.7%), and industry (17.4%) were Portugal's most significant economic sectors. Portugal exports 71% of its goods inside the European Union while the remaining 6% are sent to the United Kingdom and 5% are sent to the United States. 75% of the total imports are made up by the EU, while the remaining 5% are made in China and 3% are made in the UK. Indeed, its major economic partners of Portugal are Spain, Germany, France, The United Kingdom, Italy, the Netherlands, the United States, and China.

Portugal’s top exports are cars ($3.77 billion), motor vehicles ($2.96 billion), refined petroleum ($1.87 billion), leather footwear ($1.52 billion), and packaged medicaments ($1.13 billion). Cars ($3.59 billion) , crude petroleum ($3.53 billion), motor vehicles ($2.41 billion), packaged medicaments ($2.38 billion), and petroleum gas ($1.42 billion) were the top imports.

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