That dollar amount reflects an 20.8% increase since 2017 and a 22.1% uptick from 2020 to 2021.
Based on the average exchange rate for 2021, Portugal uses the euro which appreciated by 5% against the US dollar since 2017 and strengthened by 3.9% from 2020 to 2021. The stronger European Union currency in 2021 made Portugal’s exports paid for in weaker US dollars relatively more expensive for international buyers.
Portugal’s 5 most valuable exported products are cars, refined petroleum oils, automobile parts or accessories, leather footwear, and uncoated paper for writing or printing. Combined, that quintet of leading goods represent 18.5% of total Portuguese export sales for 2020. The product range and relatively low percentage implies that Portugal offers a diversified portfolio of exported products.
The latest available country-specific data shows that over two-thirds (78.1%) of products exported from Portugal were bought by importers in: Spain (26.7% of the global total), France (13.1%), Germany (11%), United States of America (5.6%), United Kingdom (5.2%), Italy (4.5%), Netherlands (3.9%), Belgium (2.5%), Angola (1.5%), Poland (1.4%), Morocco (also 1.4%) and Sweden (1.2%).
From a continental perspective, 79.8% of Portugal exports by value were delivered to fellow European countries while 6.7% were sold to importers in North America. Portugal shipped 5.7% worth of goods to Africa with another 5.4% going to Asia.
Smaller percentages were destined for Latin America (2%) excluding Mexico but including the Caribbean and Oceania (0.4%) led by Australia.
Given Portugal’s population of 10.3 million people, its total $75.1 billion in 2021 exported goods translates to roughly $7,300 for every resident in the southwest European country. That per-capita metric exceeds the average $6,000 for 2020.
Portugal’s Top 10 Exports
The following export product groups represent the highest dollar value in Portuguese global shipments during 2021. Also shown is the percentage share each export category represents in terms of overall exports from Portugal.
- Vehicles: US$9.5 billion (12.7% of total exports)
- Electrical machinery, equipment: $5.8 billion (7.8%)
- Machinery including computers: $4.9 billion (6.5%)
- Mineral fuels including oil: $4.3 billion (5.8%)
- Plastics, plastic articles: $4.2 billion (5.5%)
- Knit or crochet clothing, accessories: $2.8 billion (3.7%)
- Paper, paper items: $2.4 billion (3.2%)
- Articles of iron or steel: $2.3 billion (3.1%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $2.3 billion (3%)
- Iron, steel: $2.1 billion (2.8%)
Portugal’s top 10 exports accounted for 54.2% of the overall value of its global shipments.
Iron and steel as materials represent the fastest grower among the top 10 export categories, up by 61.4% from 2020 to 2021.
In second place for improving export sales was the mineral fuels including oil category via a 52.9% gain.
Portugal’s shipments of articles made from iron or steel posted the third-fastest acceleration in value, up by 40.1%.
The most modest advance among Portugal’s top 10 export categories belongs to vehicles, thanks to a 11% increase 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.
- Knit or crochet clothing, accessories: US$1.5 billion (Up by 42.8% since 2020)
- Footwear: $1.2 billion (Up by 19.4%)
- Cork, articles of cork: $1.1 billion (Up by 14.7%)
- Paper, paper items: $948.4 million (Up by 18.5%)
- Beverages, spirits, vinegar: $934 million (Up by 18.5%)
- Woodpulp: $797.9 million (Up by 39.2%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $758.7 million (Up by 8.6%)
- Ores, slag, ash: $731.5 million (Up by 75.3%)
- Articles of iron or steel: $715.5 million (Up by 90.5%)
- Ceramic products: $697 million (Up by 30.9%)
Portugal has highly positive net exports in the international trade of knitted or crocheted clothing and accessories, particularly jerseys.
These cashflow surpluses indicate Portugal’s strong competitive advantages under the knitted or crocheted clothing and accessories category.
Products Causing Trade Deficits for Portugal
Portugal posted an overall trade deficit equaling -$22.4 billion for 2021, up 36.6% from -$16.4 billion in red ink one year earlier.
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$7 billion (Up by 78.4% since 2020)
- Machinery including computers: -$3.7 billion (Up by 10.3%)
- Electrical machinery, equipment: -$3.5 billion (Up by 27.9%)
- Pharmaceuticals: -$2.3 billion (Up by 26%)
- Iron, steel: -$2 billion (Up by 83.4%)
- Other chemical goods: -$1.8 billion (Up by 27.4%)
- Organic chemicals: -$1.2 billion (Up by 54.6%)
- Fish: -$1.17 billion (Down by -0.5%)
- Plastics, plastic articles: -$1.03 billion (Up by 68.3%)
- Meat: -$1.02 billion (Up by 13%)
Portugal has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products, particularly for crude oil and petroleum gases.
These cashflow deficiencies clearly indicate Portugal’s competitive disadvantages in the international energy market, but also represent key opportunities for Portugal to improve its position in the global economy through focused innovations.
Major Portuguese Export Companies
According to Forbes Global 2000 rankings, the following are examples of leading Portuguese companies.
- EDP-Energias de Portugal (electric utilities)
- Galp Energia (oil, gas)
- Jeronimo Martins (food retailer)
- Banco Comercial Portugues (regional banks)
- Portugal Telecom (telecommunications services)
The Russian-Portuguese Business Club lists Portugal’s biggest employers involved in international trade.
- Petrogal (oil, gas)
- Volkswagen Autoeuropa (automobiles)
- Portucel Soporcel (paper)
- Philip Morris International (tobacco)
- Delphi Automotive (automotive parts)
Searchable List of Portugal’s Top Export Products
The following searchable table displays 100 of the most in-demand goods shipped from Portugal during 2021. Shown beside each product label is its total export value then the percentage increase or decrease since 2020.
| Rank | Portugal's Export Product | 2021 Value (US$) | Change |
|---|---|---|---|
| 1 | Cars | $4,074,328,000 | +13.7% |
| 2 | Processed petroleum oils | $3,448,118,000 | +45.4% |
| 3 | Automobile parts/accessories | $3,358,608,000 | +3.6% |
| 4 | Footwear (leather) | $1,688,199,000 | +13.5% |
| 5 | Uncoated paper for writing/printing | $1,309,734,000 | +21.1% |
| 6 | Rubber tires (new) | $1,286,787,000 | +34.6% |
| 7 | Speed/distance meters | $1,217,297,000 | +6.8% |
| 8 | Medication mixes in dosage | $1,147,457,000 | +9% |
| 9 | Plastic plates, sheets, film, tape, strips | $1,116,359,000 | +29% |
| 10 | Trucks | $1,112,682,000 | +14.9% |
| 11 | Wine | $1,093,864,000 | +11.7% |
| 12 | T-shirts, vests (knit or crochet) | $991,758,000 | +25.3% |
| 13 | Miscellaneous furniture | $909,764,000 | +20.2% |
| 14 | Seats (excluding barber/dentist chairs) | $903,488,000 | +5.3% |
| 15 | Insulated wire/cable | $862,243,000 | +53.8% |
| 16 | Cigars/cigarellos, cigarettes | $826,032,000 | +9.4% |
| 17 | Olive oil | $777,271,000 | +20% |
| 18 | Chemical woodpulp (non-dissolving) | $741,504,000 | +34.2% |
| 19 | Linens | $725,578,000 | +35.5% |
| 20 | Centrifuges, filters and purifiers | $720,815,000 | +51.6% |
| 21 | Telecommunication receivers | $716,802,000 | +9% |
| 22 | Agglomerated cork | $690,015,000 | +18.3% |
| 23 | Miscellaneous iron and steel structures | $658,761,000 | +40.2% |
| 24 | Jerseys, pullovers (knit or crochet) | $651,872,000 | +43.5% |
| 25 | Moulding boxes/base | $581,817,000 | -10.3% |
| 26 | Items made from natural cork | $546,815,000 | +11.2% |
| 27 | Miscellaneous plastic items | $525,182,000 | +14.8% |
| 28 | Iron or non-alloy steel bars, rods | $519,071,000 | +74.9% |
| 29 | Ethylene polymers | $498,521,000 | +68.7% |
| 30 | Polycarboxylic acids | $472,655,000 | +77.3% |
| 31 | Glass bottles, jars, pots, other containers | $455,986,000 | +18.6% |
| 32 | Electrical/optical circuit boards, panels | $447,831,000 | +0.5% |
| 33 | Electrical energy | $442,943,000 | +109.3% |
| 34 | Amino-resins | $402,901,000 | +40.2% |
| 35 | Taps, valves, similar appliances | $401,172,000 | +27.6% |
| 36 | Acyclic hydrocarbons | $397,337,000 | +92.9% |
| 37 | Lower-voltage switches, fuses | $393,373,000 | +33.7% |
| 38 | Miscellaneous iron or steel tubes, pipes | $389,217,000 | +101.7% |
| 39 | Integrated circuits/microassemblies | $374,287,000 | -9.4% |
| 40 | Bicycles, other non-motorized cycles | $368,311,000 | +31% |
| 41 | Bridge structures, parts | $351,631,000 | +4.4% |
| 42 | Zinc ores, concentrates | $345,548,000 | +64% |
| 43 | Flat-rolled iron or non-alloy steel products (plated/coated) | $344,288,000 | +71.8% |
| 44 | Miscellaneous fruits (fresh) | $343,382,000 | +9.8% |
| 45 | Solar power diodes/semi-conductors | $336,351,000 | +33.2% |
| 46 | Electric water heaters, hair dryers | $334,905,000 | +23.5% |
| 47 | Air or vacuum pumps | $333,691,000 | +36.1% |
| 48 | Bread, biscuits, cakes, pastries | $324,077,000 | +10.7% |
| 49 | Copper ores, concentrates | $323,625,000 | +99% |
| 50 | Copper waste, scrap | $317,648,000 | +88% |
| 51 | Miscellaneous iron or steel items | $308,600,000 | +15.9% |
| 52 | Unglazed ceramic flags, tiles | $293,921,000 | +18.6% |
| 53 | Fish, caviar (preserved/prepared) | $286,263,000 | +3.4% |
| 54 | Plastic packing goods, lids, caps | $283,850,000 | +17.7% |
| 55 | Ceramic tableware, kitchenware | $282,487,000 | +29.5% |
| 56 | Temperature-change machines | $279,273,000 | +26.1% |
| 57 | Coiled iron or non-alloy steel bars, rods | $279,193,000 | +6.3% |
| 58 | Women's clothing (not knit or crochet) | $278,445,000 | +9.5% |
| 59 | Tomatoes (prepared/preserved) | $277,934,000 | +1.8% |
| 60 | Women's clothing (knit or crochet) | $271,026,000 | +33.4% |
| 61 | Vinyl chloride polymers | $269,834,000 | +48.5% |
| 62 | Monument/building stones, art | $269,221,000 | +17.7% |
| 63 | Piston engine parts | $267,459,000 | +24.4% |
| 64 | Mattresses, quilts | $266,278,000 | +46.3% |
| 65 | Paper containers, cellulose wadding | $251,925,000 | +38.5% |
| 66 | Whole fish (frozen) | $250,931,000 | +13.8% |
| 67 | Twine, cordage, ropes, cables | $250,523,000 | +5.3% |
| 68 | Electrical machinery | $248,097,000 | +38.3% |
| 69 | Men's suits, trousers (not knit or crochet) | $241,839,000 | +14.9% |
| 70 | Phone devices including smartphones | $240,786,000 | +7.1% |
| 71 | Refrigerators, freezers | $235,885,000 | +25.5% |
| 72 | Aluminum bars/rods | $225,434,000 | +57.2% |
| 73 | Medication mixes not in dosage | $222,742,000 | -18.6% |
| 74 | Plastic plates, sheets, film, tape, strips | $222,174,000 | +31.8% |
| 75 | Iron or non-alloy steel products (semi-finished) | $218,452,000 | +181.3% |
| 76 | Moluscs | $217,154,000 | +50.8% |
| 77 | Tissues, napkins, toilet paper | $216,520,000 | +1.4% |
| 78 | Petroleum gases | $209,940,000 | +113.1% |
| 79 | Coated textile fabrics | $209,577,000 | +15.9% |
| 80 | Uncoated kraft paper | $208,399,000 | +29.8% |
| 81 | Iron or steel scrap | $207,357,000 | +63.7% |
| 82 | Whole fish (fresh) | $200,361,000 | +37.9% |
| 83 | Motorcycles | $198,923,000 | +89% |
| 84 | TV/radio/radar device parts | $193,251,000 | +50.2% |
| 85 | TV receivers/monitors/projectors | $189,620,000 | +17.5% |
| 86 | TV receiver/transmit/digital cameras | $189,266,000 | +50.1% |
| 87 | Aircraft parts | $187,014,000 | -19% |
| 88 | Locks, lock-keys | $184,930,000 | +8.5% |
| 89 | Motorcycle parts/accessories | $182,316,000 | +31.3% |
| 90 | Vulcanized rubber items | $181,852,000 | +16% |
| 91 | Non-alcoholic drinks (not water/juice/milk) | $179,976,000 | +54.9% |
| 92 | Rosin/resin acids, run gums | $178,412,000 | +69.4% |
| 93 | Ceramic sinks, washbasins, baths | $175,723,000 | +33% |
| 94 | Electro-medical equip (e.g. xrays) | $172,362,000 | +16% |
| 95 | Miscellaneous machinery | $170,592,000 | -10.6% |
| 96 | Coal tar oils (high temperature distillation) | $169,697,000 | +38.7% |
| 97 | Iron and steel stranded wire, cables (insulated) | $169,315,000 | +88.4% |
| 98 | Fresh or dried citrus fruit | $167,518,000 | -19.6% |
| 99 | Wood carpentry, builders' joinery | $167,453,000 | +25.2% |
| 100 | Miscellaneous aluminum items | $165,554,000 | +18.1% |
These 100 exported goods were worth a subtotal of US$52 billion or 69.2% by value for all products exported from Portugal during 2021.
In macroeconomic terms, Portugal’s total exported goods represent 20% of its overall Gross Domestic Product for 2021 ($376.1 billion valued in Purchasing Power Parity US dollars). That 20% for exports to overall GDP in PPP for 2021 compares to 18.1% one year earlier. Those percentages suggest a relatively increasing 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 was 6.876% at October 2021, down from an average 6.968% in 2021 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 28, 2022
Forbes 2017 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 28, 2022
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 28, 2022
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 28, 2022
International Trade Centre, Trade Map. Accessed on March 28, 2022
Investopedia, Net Exports Definition. Accessed on March 28, 2022
Russian-Portuguese Business Club, Top 10 Portuguese companies – the largest exporters and importers. Accessed on March 28, 2022
Wikipedia, Gross domestic product. Accessed on March 28, 2022
Wikipedia, Purchasing power parity. Accessed on March 28, 2022
