That dollar amount reflects an 11.1% increase compared to $74.1 billion during 2018.
Year over year, the overall value of Portuguese exported goods gained 9.5% from $75.2 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 made Portugal’s exports paid for in stronger US dollars relatively less expensive for international buyers.
Portugal’s 5 most valuable exported products are refined petroleum oils, cars, automobile parts or accessories, uncoated paper for writing or printing, and leather footwear. Combined, that quintet of leading goods represents 20.4% of total Portuguese export sales for 2021. The product range and relatively low percentage implies that Portugal suggests a diversified portfolio of exported products.
Portugal’s Best Customers for its Exports
The latest available country-specific data shows that 77.3% of products exported from Portugal were bought by importers in: Spain (26.1% of the Portuguese total), France (12.4%), Germany (10.9%), United States of America (6.5%), United Kingdom (4.9%), Italy (4.5%), Netherlands (4%), Belgium (2.4%), Angola (1.8%), Poland (1.4%), Sweden (1.3%) and Brazil (1.2%).
From a continental perspective, 79.1% of Portugal exports by value were delivered to fellow European countries while 7.7% were sold to North American importers. Portugal shipped another 5.6% worth of goods to Africa with 5.1% going to Asia (5.1%).
Smaller percentages were furnished to Latin America (2.1%) excluding Mexico but including the Caribbean, and Oceania (0.4%) led by Australia and New Zealand.
Given Portugal’s population of 10.3 million people, its total $82.4 billion in 2022 exported goods translates to roughly $8,000 for every resident in the southwest European country. That per-capita metric exceeds the average $7,300 for 2021.
Portugal’s Top 10 Exports
The following export product groups represent the highest dollar value in Portuguese global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Portugal.
- Vehicles: US$9.7 billion (11.8% of total exports)
- Mineral fuels including oil: $7 billion (8.6%)
- Electrical machinery, equipment: $6.6 billion (8%)
- Machinery including computers: $4.8 billion (5.9%)
- Plastics, plastic articles: $4.3 billion (5.2%)
- Paper, paper items: $3.1 billion (3.7%)
- Knit or crochet clothing, accessories: $2.68 billion (3.3%)
- Articles of iron or steel: $2.65 billion (3.2%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $2.3 billion (2.8%)
- Footwear: $2.2 billion (2.6%)
Portugal’s top 10 exports accounted for 55% of the overall value of its global shipments.
Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 62.4% from 2021 to 2022.
In second place for improving export sales was paper plus items made from paper via a 29.5% gain.
Portugal’s shipments of electrical machinery and equipment posted the third-fastest gain in value, up by 12.9%.
The leading decliner among Portugal’s top 10 export categories was knitted or crocheted clothing and accessories thanks to a -2.5% drop year over year.
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.
- Paper, paper items: US$1.4 billion (Up by 45.3% since 2021)
- Knit or crochet clothing, accessories: $1.16 billion (Down by -22.7%)
- Footwear: $1.16 billion (Down by -3.3%)
- Cork, articles of cork: $1 billion (Down by -7.7%)
- Woodpulp: $827.9 million (Up by 4.7%)
- Beverages, spirits, vinegar: $753 million (Down by -18.1%)
- Articles of iron or steel: $745.1 million (Up by 11.9%)
- Ceramic products: $716.3 million (Up by 3.3%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $712.5 million (Down by -1.6%)
- Ores, slag, ash: $700.7 million (Down by -3.3%)
Portugal has highly positive net exports in the international trade of paper both as a material plus items made from paper.
These cashflow surpluses indicate Portugal’s strong competitive advantages under the paper and paper items product category.
Products Causing Trade Deficits for Portugal
Portugal posted an overall trade deficit equaling -$32.4 billion for 2022, expanding by 40.4% from -$23.1 billion in red ink one year earlier in 2021.
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$12.1 billion (Up by 74.9% since 2021)
- Electrical machinery, equipment: -$4.3 billion (Up by 21%)
- Machinery including computers: -$3.6 billion (Down by -8.2%)
- Iron, steel: -$2.2 billion (Up by 10.5%)
- Pharmaceuticals: -$1.9 billion (Down by -19.2%)
- Other chemical goods: -$1.6 billion (Down by -9%)
- Fish: -$1.40 billion (Up by 17.5%)
- Cereals: -$1.35 billion (Up by 35.1%)
- Meat: -$1.29 billion (Up by 26.3%)
- Plastics, plastic articles: -$1.28 billion (Up by 17.9%)
Portugal has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products, particularly for crude oil and petroleum gases.
These cashflow deficiencies clearly indicate Portugal’s competitive disadvantages in the international energy market, but also represent key opportunities for Portugal to improve its position in the global economy through focused innovations.
Major Portuguese Export Companies
According to Forbes Global 2000 rankings, the following are examples of leading Portuguese companies.
- Banco Comercial Portugues (regional banks)
- EDP-Energias de Portugal (electric utilities)
- Galp Energia (oil, gas)
- Jeronimo Martins (food retailer)
- Portugal Telecom (telecommunications services)
The Russian-Portuguese Business Club lists Portugal’s biggest employers involved in international trade.
- Delphi Automotive (automotive parts)
- Petrogal (oil, gas)
- Philip Morris International (tobacco)
- Portucel Soporcel (paper)
- Volkswagen Autoeuropa (automobiles)
Searchable List of Portugal’s Top Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Portugal during 2022. Shown beside each product label is its total export value then the percentage increase or decrease since 2021.
Rank | Portugal's Export Product | Value (US$) | Change |
---|---|---|---|
1 | Processed petroleum oils | $5,655,600,000 | +64.7% |
2 | Cars | $4,213,222,000 | +3.1% |
3 | Automobile parts/accessories | $3,269,971,000 | -1.9% |
4 | Uncoated paper for writing/printing | $1,824,178,000 | +38.9% |
5 | Footwear (leather) | $1,816,752,000 | +7.6% |
6 | Speed/distance meters | $1,380,663,000 | +11.9% |
7 | Rubber tires (new) | $1,366,290,000 | +6.3% |
8 | Plastic plates, sheets, film, tape, strips | $1,215,031,000 | +9.2% |
9 | Medication mixes in dosage | $1,123,788,000 | -1.3% |
10 | Trucks | $1,072,095,000 | -3.4% |
11 | Insulated wire/cable | $1,022,578,000 | +17.6% |
12 | Wine | $985,711,000 | -10.1% |
13 | Olive oil | $979,618,000 | +18% |
14 | T-shirts, vests (knit or crochet) | $944,936,000 | -3.4% |
15 | Miscellaneous furniture | $941,543,000 | +3.1% |
16 | Seats (excluding barber/dentist chairs) | $901,843,000 | -0.3% |
17 | Miscellaneous iron and steel structures | $868,517,000 | +32.1% |
18 | Chemical woodpulp (non-dissolving) | $797,722,000 | +7.6% |
19 | Cigars/cigarellos, cigarettes | $753,616,000 | -8.6% |
20 | Telecommunication receivers | $728,921,000 | +2.1% |
21 | Linens | $654,765,000 | -9.8% |
22 | Agglomerated cork | $648,864,000 | -5.7% |
23 | Medication mixes not in dosage | $645,885,000 | +202.9% |
24 | Jerseys, pullovers (knit or crochet) | $644,785,000 | -0.7% |
25 | Solar power diodes/semi-conductors | $617,488,000 | +83% |
26 | Centrifuges, filters and purifiers | $607,601,000 | -14.7% |
27 | Petroleum gases | $585,846,000 | +118.5% |
28 | Polycarboxylic acids | $567,888,000 | +19.7% |
29 | Iron or non-alloy steel bars, rods | $565,261,000 | +9% |
30 | Glass bottles, jars, pots, other containers | $533,158,000 | +21% |
31 | Moulding boxes, bases, patterns | $527,699,000 | -10.4% |
32 | Items made from natural cork | $511,182,000 | -5.6% |
33 | Miscellaneous plastic items | $505,275,000 | -3.2% |
34 | Electrical energy | $487,180,000 | +8.9% |
35 | Integrated circuits/microassemblies | $480,317,000 | +26.5% |
36 | Electrical/optical circuit boards, panels | $444,693,000 | -1.2% |
37 | Ethylene polymers | $441,639,000 | -11% |
38 | Amino-resins | $421,228,000 | +4.4% |
39 | Taps, valves, similar appliances | $402,002,000 | +0.5% |
40 | Lower-voltage switches, fuses | $396,627,000 | +1.6% |
41 | Coiled iron or non-alloy steel bars, rods | $395,470,000 | +41.2% |
42 | Zinc ores, concentrates | $391,551,000 | +13.8% |
43 | Acyclic hydrocarbons | $368,647,000 | -7.2% |
44 | Bicycles, other non-motorized cycles | $363,444,000 | -0.3% |
45 | Bridge structures, parts | $355,349,000 | -0.4% |
46 | Tomatoes (prepared/preserved) | $348,004,000 | +24.8% |
47 | Miscellaneous iron or steel items | $345,878,000 | +11% |
48 | Miscellaneous iron or steel tubes, pipes | $335,891,000 | -13.7% |
49 | Air or vacuum pumps | $334,666,000 | +0.9% |
50 | Flat-rolled iron or non-alloy steel products (plated/coated) | $333,770,000 | -1.5% |
51 | TV/radio/radar device parts | $333,166,000 | +72.6% |
52 | Miscellaneous fruits (fresh) | $326,759,000 | -4.5% |
53 | Unglazed ceramic flags, tiles | $326,097,000 | +11.1% |
54 | Bread, biscuits, cakes, pastries | $325,936,000 | +0.2% |
55 | Plastic packing goods, lids, caps | $315,173,000 | +9% |
56 | Men's suits, trousers (not knit or crochet) | $307,321,000 | +27.5% |
57 | Women's clothing (not knit or crochet) | $305,056,000 | +11.5% |
58 | Electric water heaters, hair dryers | $300,248,000 | -9.7% |
59 | Motorcycles | $298,510,000 | +45.5% |
60 | Ceramic tableware, kitchenware | $297,858,000 | +4.9% |
61 | Fish, caviar (preserved/prepared) | $297,392,000 | +4.5% |
62 | Piston engine parts | $296,385,000 | +11.5% |
63 | Paper containers, cellulose wadding | $295,959,000 | +16.6% |
64 | Copper waste, scrap | $292,453,000 | -7.3% |
65 | Monument/building stones, art | $290,210,000 | +7.4% |
66 | Temperature-change machines | $285,671,000 | +1.4% |
67 | Vinyl chloride polymers | $283,476,000 | +4.9% |
68 | Aluminum bars/rods | $281,158,000 | +28.8% |
69 | Uncoated kraft paper | $267,974,000 | +28.4% |
70 | Plastic plates, sheets, film, tape, strips | $267,175,000 | +19.1% |
71 | Whole fish (frozen) | $264,911,000 | +4.9% |
72 | Copper ores, concentrates | $261,601,000 | -18.5% |
73 | Twine, cordage, ropes, cables | $259,108,000 | +3.9% |
74 | Phone system devices | $252,640,000 | +2.2% |
75 | Tissues, napkins, toilet paper | $250,045,000 | +15.7% |
76 | Refrigerators, freezers | $245,458,000 | +4.1% |
77 | Women's clothing (knit or crochet) | $240,459,000 | -13.5% |
78 | TV receivers/monitors/projectors | $235,895,000 | +22.5% |
79 | Moluscs | $235,615,000 | +8.3% |
80 | Aircraft or spacecraft parts | $234,078,000 | +0% |
81 | Mattresses, quilts | $231,273,000 | -12.7% |
82 | Coal tar oils (high temperature distillation) | $205,739,000 | +21.6% |
83 | Motorcycle parts/accessories | $199,053,000 | +10% |
84 | Coated textile fabrics | $197,520,000 | -5.2% |
85 | Locks, lock-keys | $192,634,000 | +7.6% |
86 | TV receiver/transmit/digital cameras | $192,371,000 | +1.5% |
87 | Non-alcoholic drinks (not water/juice/milk) | $187,618,000 | +5.5% |
88 | Rosin/resin acids, run gums | $187,599,000 | +5.4% |
89 | Electro-medical equip (e.g. xrays) | $186,222,000 | +7.9% |
90 | Miscellaneous engines, motors | $184,943,000 | +17.4% |
91 | Iron and steel stranded wire, cables (uninsulated) | $183,567,000 | +28.6% |
92 | Ligneous or wood fiberboard | $177,821,000 | +22.8% |
93 | Miscellaneous aluminum items | $177,479,000 | +7.7% |
94 | Live bovine cattle | $177,412,000 | +14% |
95 | Soya-bean oil | $177,074,000 | +8.3% |
96 | Fresh or dried citrus fruit | $176,999,000 | +4.9% |
97 | Ceramic sinks, washbasins, baths | $173,965,000 | -0.9% |
98 | Radar, radio communication items | $172,236,000 | +79.1% |
99 | Whole fish (fresh) | $172,196,000 | -12.2% |
100 | Vulcanized rubber items | $170,211,000 | -5.7% |
These 100 exported goods were worth a subtotal of US$57.4 billion or 69.8% by value for all products exported from Portugal during 2022.
In macroeconomic terms, Portugal’s total exported goods represent 19.1% of its overall Gross Domestic Product for 2022 ($432.1 billion valued in Purchasing Power Parity US dollars). That 19.1% for exports to overall GDP in PPP for 2022 compares to 20% 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 6.114% for 2022, down from an average 6.575% in 2022 according to the International Monetary Fund.
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 March 27, 2023
Forbes 2018 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 27, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 27, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 27, 2023
International Trade Centre, Trade Map. Accessed on March 27, 2023
Investopedia, Net Exports Definition. Accessed on March 27, 2023
Russian-Portuguese Business Club, Top 10 Portuguese companies – the largest exporters and importers. Accessed on March 27, 2023
Wikipedia, Gross domestic product. Accessed on March 27, 2023
Wikipedia, Purchasing power parity. Accessed on March 27, 2023