That dollar amount reflects a 35.2% increase compared to $61.4 billion five years earlier during 2020.
Year over year, there was a -1.1% downtick starting from $83.9 billion in 2023.
The 5 leading countries buying goods exported from Portugal are Spain, Germany, France, United States of America and the United Kingdom. Collectively, that cohort of main import partners accounted for over three-fifths (61.7%) of Portugal’s total exports by value during 2024.
Applying a continental lens, 79.1% of Portugal’s exports by value was delivered to fellow European countries while 7.9% was sold to importers located in North America. Portugal shipped another 5.9% worth of goods to Africa.
Portugal is a member of the European Union in good standing. The other EU members bought 77.5% of overall Portuguese exports.
Smaller percentages went to buyers to Asia (4.7%), Latin America (2.1%) excluding Mexico but including the Caribbean, then Oceania (0.4%) led by Australia and New Zealand.
Portugal’s Top Trading Partners
Below is a list showcasing 25 of Portugal’s top trading partners, countries that imported the most Portuguese shipments by dollar value during 2024. Also shown is each import country’s percentage of total Portuguese exports.
- Spain: US$21.5 billion (26% of total Portuguese exports)
- Germany: $10.2 billion (12.3%)
- France: $10.1 billion (12.1%)
- United States: $5.6 billion (6.7%)
- United Kingdom: $3.8 billion (4.6%)
- Italy: $3.7 billion (4.5%)
- Netherlands: $3 billion (3.6%)
- Belgium: $2.1 billion (2.6%)
- Poland: $1.24 billion (1.5%)
- Morocco: $1.23 billion (1.5%)
- Brazil: $1.19 billion (1.4%)
- Sweden: $1.14 billion (1.4%)
- Angola: $18 billion (1.3%)
- Switzerland: $843.3 million (1%)
- Türkiye: $720.2 million (0.9%)
- Czech Republic: $708.3 million (0.9%)
- mainland China: $642.8 million (0.8%)
- Denmark: $590 million (0.7%)
- Romania: $587.4 million (0.7%)
- Finland: $526.3 million (0.6%)
- Algeria: $501.7 million (0.6%)
- Gibraltar: $499.3 million (0.6%)
- Slovakia: $497.6 million (0.6%)
- Ireland: $494.5 million (0.6%)
- Austria: $481.9 million (0.6%)
Approaching nine-tenths (88%) of Portuguese exports in 2024 was delivered to the above 25 trade partners.
Among the top importers that increased purchases of Portugal’s exports from 2023 to 2024, the fastest grower was Gibraltar via a 57% gain. In second place was Finland (up 18.4%) trailed by Denmark (up 17%), Germany (up 12.9%) and Morocco (up 11.9%).
The severest percentage decliners were: Türkiye (down -29.1% from 2023), mainland China (down -22.7%), Angola (down -21.2%) and Romania (down -16%).
Countries Causing the Highest Trade Deficits for Portugal
Portugal posted an overall trade deficit equaling -US$29.63 billion for 2024, rising by 0.2% compared to -$29.58 billion in red ink one year earlier in 2023.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Portugal incurred the highest trade deficits with the following countries.
- Spain: -US$15.7 billion (country-specific trade deficit in 2024)
- mainland China: -$4.7 billion
- Netherlands: -$3.3 billion
- Brazil: -$2.7 billion
- Germany: -$2.5 billion
- Italy: -$2.1 billion
- Ireland: -$1.6 billion
- Belgium: -$1.4 billion
- Nigeria: -$1.2 billion
- India: -$931.6 million
Among Portugal’s trading partners that cause the greatest negative trade balances, Portuguese deficits with Ireland (up 34%), Netherlands (up 6.4%) and Italy (up 0.5%) grew from 2023 to 2024.
These cashflow deficiencies clearly indicate Portugal’s competitive disadvantages with the above countries, but also represent key opportunities for Portugal to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating the Greatest Trade Surpluses for Portugal
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Portugal incurred the highest trade surpluses with the following countries.
- United States: US$3 billion (country-specific trade surplus in 2024)
- United Kingdom: $2.5 billion
- France: $1.9 billion
- Angola: $976.8 million
- Morocco: $670.7 million
- Gibraltar: $499.2 million
- Cabo Verde: $399.7 million
- Mexico: $322 million
- Israel: $280.7 million
- Switzerland: $264.4 million
Among Portugal’s trading partners that generate the greatest positive trade balances, Portuguese surpluses with Gibraltar (up 57.3%), Morocco (up 11.7%) and Mexico (up 10.2%) grew at the fastest pace from 2023 to 2024.
These positive cashflow streams clearly indicate Portugal’s competitive advantages with the above countries, but also represent key opportunities for Portugal to develop country-specific strategies to optimize its overall position in international trade.
Major Portuguese Export Companies
According to Forbes Global 2000 rankings, the following companies 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)
See also Portugal’s Top 10 Imports, 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 November 20, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 20, 2025
International Trade Centre, Trade Map. Accessed on November 20, 2025
Investopedia, Net Importer Definition. Accessed on November 20, 2025
Russian-Portuguese Business Club, Top 10 Portuguese companies – the largest exporters and importers. Accessed on November 20, 2025