That dollar amount results in a 44.7% increase in Portuguese spending compared to $77.8 billion 5 years earlier during 2020, but a -0.7% year-over-year slowdown compared to $113.5 billion starting from 2023.
Based on the average exchange rate for 2024, Portugal uses the euro which flatlined via a 0.02% gain against the US dollar from 2023 to 2024. The weaker European Union currency in 2024 made exports into Portugal slightly less expensive than in 2020 when converted starting from euros.
Domestically, the inflation rate for Portugal’s consumer prices averaged 2.505% in 2024 down from an average 5.264% for 2023.
Portugal’s Best International Trade Suppliers
The latest available country-specific data shows that 81% of products imported into Portugal was supplied by exporters in: Spain (33.1% of the Portuguese total), Germany (11.3%), France (7.2%), Netherlands (5.6%), Italy (5.2%), mainland China (4.8%), Brazil (3.5%), Belgium (3.1%), United States of America (2.2%), Ireland (1.8%), Poland (1.7%) and Türkiye (1.4%).
Applying a continental lens, more than three-quarters (77.3%) of Portugal’s total imports by value in 2024 were purchased from fellow European countries. Note that almost three-quarters (74.6%) originated from fellow European Union member countries.
Trade partners located in Asia satisfied 12.1% of Portugal’s spending on imported products.
Smaller percentages came from suppliers in Latin America (4.2%) excluding Mexico but including the Caribbean, Africa (3.8%), North America (2.6%), then Oceania (0.1%) led by Australia, New Zealand and Papua New Guinea.
Given Portugal’s population of 10.33 million people, its total $112.6 billion in 2024 imports translates to roughly $10,900 in yearly product demand from every person in the southwest European country. That per-capita metric lags the average $11,000 for 2023.
Portugal’s Top 10 Imports
The following product groups represent the highest dollar value in Portugal’s import purchases during 2024. Also shown is the percentage share each product category represents in terms of overall imports into Portugal.
- Vehicles: US$13.3 billion (11.8% of total imports)
- Mineral fuels including oil: $12.1 billion (10.8%)
- Electrical machinery, equipment: $10.8 billion (9.6%)
- Machinery including computers: $9.9 billion (8.8%)
- Plastics, plastic articles: $5 billion (4.4%)
- Pharmaceuticals: $4.1 billion (3.6%)
- Iron, steel: $3.7 billion (3.3%)
- Organic chemicals: $3.68 billion (3.3%)
- Optical, technical, medical apparatus: $2.6 billion (2.3%)
- Fish: $2.5 billion (2.2%)
Portugal’s top 10 import product categories generated three-fifths (60.1%) of the overall value of imported products purchased from other countries.
The greatest increases among the leading product categories belong to Portuguese imports of organic chemicals (up 18.9% from 2023), optical, technical and medical apparatus (up 7.5%), then machinery including computers (up 6.3%).
The worst year-over-year decline was the -8.2% downturn for Portugal’s imports of mineral fuels including oil. Biggest reductions were for imported petroleum gases, crude oil and processed petroleum oils.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level. Information at the more detailed 4-digit level is presented in the sections below.
Portugal’s Most Valuable Vehicles Imports
In 2024, Portuguese importers spent the most on the following 10 subcategories of vehicles.
- Cars: US$7.1 billion (down -0.5% from 2023)
- Automobile parts/accessories: $3.6 billion (down -2.6%)
- Trucks: $972.6 million (up 8.2%)
- Tractors: $587.9 million (down -1.7%)
- Motorcycle parts/accessories: $334.7 million (down -12.7%)
- Motorcycles: $248.6 million (down -4.9%)
- Trailers: $169.8 million (down -14.8%)
- Public-transport vehicles: $150.4 million (down -25.7%)
- Special purpose vehicles: $88.5 million (up 26.2%)
- Chassis fitted with engine: $58.3 million (up 20.7%)
Among these import subcategories, Portuguese purchases of special purpose vehicles (up 26.2%), chassis fitted with engine (up 20.7%) then trucks (up 8.2%) grew from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of vehicles-related imports among Portuguese businesses and consumers.
Portugal’s Most Valuable Mineral Fuels Imports Including Oil
In 2024, Portuguese importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Crude oil: US$6.4 billion (up 8.3% from 2023)
- Processed petroleum oils: $2.7 billion (down -19.6%)
- Petroleum gases: $1.7 billion (down -30.9%)
- Electrical energy: $1.1 billion (down -16.4%)
- Petroleum oil residues: $154.3 million (up 5.6%)
- Coal tar oils (high temperature distillation): $85.4 million (up 49.7%)
- Petroleum jelly, mineral waxes: $24.1 million (down -20.7%)
- Peat: $11.9 million (down -10.3%)
- Asphalt/petroleum bitumen mixes: $5.6 million (down -18.1%)
- Coke, semi-coke: $5.5 million (up 11.7%)
Among these import subcategories, Portuguese purchases of high-temperature distilled coal tar oils (up 49.7%), coke or semi-coke (up 11.7%) then crude oil (up 8.3%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage changes within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Portuguese businesses and consumers.
Portugal’s Most Valuable Electronics Imports
In 2024, Portuguese importers spent the most on the following 10 subcategories of electrical goods including consumer electronics.
- Phone devices including smartphones: $1.6 billion (up 1.5%)
- Solar power diodes/semi-conductors: $961.9 million (down -31.2%)
- Insulated wire/cable: $664 million (down -2.5%)
- Lower-voltage switches, fuses: $553.4 million (up 1.5%)
- TV/radio/radar device parts: $449.4 million (down -26.8%)
- Electrical converters/power units: $445.2 million (down -20.5%)
- Electric water heaters, hair dryers: $425.5 million (up 11.4%)
- TV receivers/monitors/projectors: $372.5 million (up 2.9%)
- Flat panel displays: $325.9 million (up 69.1%)
Among these import subcategories, Portuguese purchases of flat panel displays (up 69.1%), electronic integrated circuits or microassemblies (up 26%) then electric water heaters and hair dryers (up 11.4%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of electronics-related imports among Portuguese businesses and consumers.
Portugal’s Most Valuable Machinery Imports Including Computers
In 2024, Portuguese importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$1 billion (up 10.9% from 2023)
- Piston engines: $581.6 million (up 10.9%)
- Air conditioners: $471 million (down -3.6%)
- Taps, valves, similar appliances: $447.3 million (up 4.3%)
- Miscellaneous machinery: $426.3 million (down -7.1%)
- Refrigerators, freezers: $421.5 million (up 9.8%)
- Centrifuges, filters and purifiers: $357.2 million (down -8.7%)
- Piston engine parts: $345.5 million (up 101.1%)
- Air or vacuum pumps: $329 million (down -1.9%)
- Machinery parts: $306.3 million (up 11.5%)
Among these import subcategories, Portuguese purchases of piston engine parts (up 101.1%), machinery parts (up 11.5%) then piston engines (up 10.9%) and computers including optical readers (also up 10.9%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery-related imports among Portuguese businesses and consumers.
See also Portugal’s Top Trading Partners, Portugal’s Top 10 Exports, France’s Top Trading Partners, France’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on October 6, 2025
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on October 6, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 6, 2025
International Trade Centre, Trade Map. Accessed on October 6, 2025