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Formally the Portuguese Republic, Portugal exported 61.5 billion dollars worth of goods around the globe in 2020. That dollar amount reflects an 11.1 percent increase since 2016 but a minus 8.3 percent downtick from 2019 to 2020.
Applying a continental lens, almost four-fifths or 79.1 percent of Portugal's exports by value were delivered to fellow European countries while 6 percent were sold to North American importers.
Portugal shipped another 5.7 percent worth of goods to Africa. Smaller percentages of 5.6 percent also went to Asia, Latin America excluding Mexico but including the Caribbean got 2.1 percent then Oceania led by Australia got 0.3 percent.
Portugal’s Top Trading Partners
Here is a list showcasing 15 of Portugal’s top trading partners, countries that imported the most Portuguese shipments by dollar value during 2020. Also shown is each import country’s percentage of total Portuguese exports.
Spain with 15.7 billion dollars accounts for 25.5 percent of total Portuguese exports
France with 8.3 billion dollars accounts for 13.5 percent
Germany with 7.3 billion dollars accounts for 11.8 percent
The United Kingdom with 3.5 billion dollars accounts for 5.7 percent
The United States with 3.1 billion dollars accounts for 5 percent
Italy with 2.7 billion dollars accounts for 4.4 percent
The Netherlands with 2.3 billion dollars accounts for 3.7 percent
Belgium with 1.4 billion dollars accounts for 2.3 percent
Angola with 994.3 million dollars accounts for 1.6 percent
Poland with 835.7 million dollars accounts for 1.4 percent
Brazil with 833.6 million dollars accounts for 1.4 percent
Switzerland with 751.5 million dollars accounts for 1.2 percent
Morocco with 723 million dollars accounts for 1.2 percent
Sweden with 708.7 million dollars accounts for 1.2 percent
China with 653.7 million dollars accounts for 1.1 percent
Roughly four-fifths or 80.9 percent of Portuguese exports in 2020 were delivered to the above 15 trade partners.
Switzerland went up by 7.8 percent and Sweden which went up by 6.5 percent was the only top importer that increased purchases of Portugal’s exports from 2019 to 2020. Among the other top countries, declines ranged from a minimum of minus 0.4 percent for Brazil up to a minus 28.3 percent annual contraction for Angola.
Portugal’s Top 10 Imports
Located along southwestern Europe’s coastline, Portugal’s imported products cost 77.5 billion dollars in 2020. That dollar amount reflects a minus 13.4 percent decrease since 2016 but a 14.1 percent uptick from 2019 to 2020.
Based on the average exchange rate for 2020, Portugal uses the euro which appreciated by 3.1 percent against the US dollar since 2016 and increased by 2 percent from 2019 to 2020. The stronger EU currency made Portugal’s imports paid for in weaker US dollars relatively more expensive when converted starting from euros.
From a continental perspective, almost four-fifths or 79.2 percent of Portugal’s total imports by value in 2020 were purchased from fellow European countries. Asian trade partners supplied 11 percent of imports purchased by Portugal. Smaller percentages of 4.3 percent came from Africa, Latin America with 3.3 percent excluding Mexico and the Caribbean, North America contributed 2.1 percent then Oceania added 0.05 percent led by New Zealand and Australia.
Given Portugal’s population of 10.3 million people, its total of 77.5 billion dollars in 2020 imports translates to roughly 7,600 percent in yearly product demand from every person in the southwest European country.
The following product groups represent the highest dollar value in Portugal’s import purchases during 2020. Also shown is the percentage share each product category represents in terms of overall imports into Portugal.
Vehicles with 8.4 billion dollars account for 10.9 percent of total imports
Electrical machinery, and equipment with 7.6 billion dollars account for 9.8 percent
Machinery including computers with 7.2 billion dollars accounts for 9.3 percent
Mineral fuels including oil with 6.7 billion dollars account for 8.6 percent
Plastics, plastic articles with 3.8 billion dollars account for 4.8 percent
Pharmaceuticals with 3.2 billion dollars account for 4.2 percent
Iron, steel with 2.4 billion dollars account for 3.1 percent
Fish with 1.9 billion dollars account for 2.4 percent
Other chemical goods with 1.9 billion dollars account for 2.4 percent
Optical, technical, and medical apparatus with 1.8 billion dollars account for 2.3 percent
Portugal’s top 10 imports accounted for three-fifths or 60.4 of percent the overall value of its product purchases from other countries.
Imports under the aircraft and spacecraft category went up by 190.9 percent had the sole increase from 2019 to 2020.
Declines among the top 10 import categories ranged from minus 2 percent for electrical machinery and equipment up to minus 16.5 percent for iron and steel.
Portugal’s Top 10 Exports
A southwest European nation sharing its eastern border with Spain and its western coastline with the Atlantic Ocean, Portugal shipped 61.5 billion dollars worth of goods around the globe in 2020. That dollar amount reflects an 11.1 percent increase since 2016 but a minus 8.3 percent downtick from 2019 to 2020.
Based on the average exchange rate for 2020, Portugal uses the euro which appreciated by 3.1 percent against the US dollar since 2016 and increased by 2 percent from 2019 to 2020. The stronger EU currency made Portugal’s exports paid for in stronger US dollars relatively more expensive for international buyers.
From a continental perspective, 79.1 percent of Portugal's exports by value were delivered to fellow European countries while 6 percent were sold to North American importers. Portugal shipped another 5.7 percent worth of goods to Africa. Smaller percentages of about 5.6 percent also went to Asia, Latin America excluding Mexico but including the Caribbean got 2.1 percent then Oceania led by Australia got 0.3 percent.
The latest available country-specific data shows that 77.5 percent of products exported from Portugal were bought by importers in Spain with 25.5 percent of the global total, France with 13.5 percent, Germany with 11.8 percent, the United Kingdom with 5.7 percent, the United States with 5 percent, Italy with 4.4 percent, the Netherlands with 3.7 percent, Belgium with 2.3 percent, Angola with 1.6 percent, Poland with 1.4 percent, Brazil with 1.4 perc and Switzerland with 1.2 percent.
Given Portugal’s population of 10.3 million people, its total of 61.5 billion dollars in 2020 exported goods translates to roughly 6,000 dollars for every resident in the southwest European country.
The following export product groups represent the highest dollar value in Portuguese global shipments during 2020. Also shown is the percentage share each export category represents in terms of overall exports from Portugal.
Vehicles with 8.6 billion dollars account for 13.9 percent of total exports
Electrical machinery, and equipment with 5 billion dollars account for 8.2 percent
Machinery including computers with 4 billion dollars accounts for 6.5 percent
Plastics, plastic articles with 3.2 billion dollars account for 5.1 percent
Mineral fuels including oil with 2.9 billion dollars account for 4.6 percent
Knit or crochet clothing, accessories with 2.1 billion dollars account for 3.4 percent
Furniture, bedding, lighting, signs, and prefabricated buildings with 2 billion dollars account for 3.2 percent
Paper, paper items with 1.9 billion dollars account for 3.1 percent
Optical, technical, and medical apparatus with 1.8 billion dollars account for 2.9 percent
Footwear with 1.8 billion dollars accounts for 2.9 percent
Portugal’s top 10 exports accounted for 54 percent of the overall value of its global shipments.
Optical, technical, and medical apparatus was the lone gainer among the top 10 export categories, up by 2.2 percent from 2019 to 2020.
The leading decliner among Portugal’s top 10 export categories was mineral fuels including oil thanks to its minus 30.2 percent drop year over year.
In terms of macroeconomics, Portugal's total exported goods account for 18.1 percent of its overall GDP in 2020 with 339.9 billion dollars in Purchasing Power Parity US dollars.
In 2020, exports will account for 18.1 percent of total GDP in PPP terms, down from 21.8 percent the previous year.
Based on a fairly short duration, this appears to show a significantly diminishing reliance on products sold on overseas markets for Portugal's entire economic success.
The unemployment rate is another important measure of a country's economic performance. According to the International Monetary Fund, Portugal's unemployment rate was 7.1 percent in December 2020, up from an average of 6.105 percent in 2020.
Lisbon is the capital of Portugal.
Sources:
https://www.worldstopexports.com/portugals-top-10-imports/
https://www.worldstopexports.com/portugals-top-10-exports/
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