That dollar amount reflects an 11.1% increase compared to $74.1 billion for 2018.
There was a 9.5% uptick starting from $75.2 billion in 2021.
The 5 leading countries buying goods exported from Portugal are Spain, France, Germany, United States of America and the United Kingdom. Collectively, that cohort of main import partners accounted for over three-fifths (60.5%) of Portugal’s total exports by value during 2022.
Applying a continental lens, 78.9% of Portugal exports by value were delivered to fellow European countries while 7.7% were sold to importers in North America. Portugal shipped 5.7% worth of goods to customers in Africa with another 5.1% arriving in Asia.
Smaller percentages were destined for buyers in Latin America (2.1%) excluding Mexico but including the Caribbean, and Oceania (0.4%) led by Australia.
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 2022. Also shown is each import country’s percentage of total Portuguese exports.
- Spain: US$21.4 billion (26% of total Portuguese exports)
- France: $10.2 billion (12.4%)
- Germany: $9 billion (10.9%)
- United States: $5.3 billion (6.5%)
- United Kingdom: $4 billion (4.9%)
- Italy: $3.7 billion (4.5%)
- Netherlands: $3.3 billion (4%)
- Belgium: $2 billion (2.4%)
- Angola: $1.50 billion (1.8%)
- Poland: $1.13 billion (1.4%)
- Sweden: $1 billion (1.3%)
- Brazil: $967.7 million (1.2%)
- Türkiye: $938.3 million (1.1%)
- Switzerland: $774.3 million (0.9%)
- Morocco: $713 million (0.9%)
- Ireland: $675.5 million (0.8%)
- China: $662.1 million (0.8%)
- Czech Republic: $613.9 million (0.7%)
- Romania: $593.5 million (0.7%)
- Denmark: $586.5 million (0.7%)
- Gibraltar: $560.6 million (0.7%)
- Slovakia: $547.1 million (0.7%)
- Finland: $510.5 million (0.6%)
- Israel: $465.3 million (0.6%)
- Austria: $465 million (0.6%)
Approaching nine-tenths (87.1%) of Portuguese exports in 2022 were delivered to the above 25 trade partners.
Among the top importers that increased purchases of Portugal’s exports from 2021 to 2022, the fastest grower was Gibraltar via a 128% gain. In second place was Finland (up 60.9%) trailed by Morocco (up 43.9%), United States of America (up 37.3%) and Belgium (up 34.7%).
There were 4 year-over-year decliners, namely: Morocco (down -30.5% from 2021), mainland China (down -18%), Denmark (down -3.2%) and Finland (down -0.3%).
Countries Causing the Highest Trade Deficits for Portugal
Overall Portugal posted a trade deficit equaling -US$32.7 billion for 2022, expanding by 41.5% compared to -$23.1 billion in red ink one year earlier in 2021.
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$15.5 billion (country-specific trade deficit in 2022)
- mainland China: -$5.2 billion
- Germany: -$3.9 billion
- Brazil: -$3.8 billion
- Netherlands: -$2.4 billion
- Nigeria: -$2 billion
- Italy: -$1.7 billion
- Belgium: -$1.6 billion
- India: -$1.1 billion
- Azerbaijan: -$855.7 million
Among Portugal’s trading partners that cause the greatest negative trade balances, Portugese deficits with Brazil (up 76.5%), Belgium (up 38.1%) and Azerbaijan (up 36.9%) grew at the fastest pace from 2021 to 2022.
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:
- France: US$3.2 billion (country-specific trade surplus in 2022)
- United Kingdom: $2.8 billion
- United States: $1.7 billion
- Angola: $842.8 million
- Gibraltar: $559.5 million
- Cabo Verde: $380.8 million
- Morocco: $346.6 million
- Israel: $342.6 million
- Switzerland: $302 million
- Mexico: $299.8 million
Among Portugal’s trading partners that generate the greatest positive trade balances, Portuguese surpluses with Gibraltar (up 15.7%), Cabo Verde (up 10.3%) and Israel (up 9.6%) grew at the fastest pace from 2021 to 2022.
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
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on October 7, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 7, 2023
International Trade Centre, Trade Map. Accessed on October 7, 2023
Investopedia, Net Importer Definition. Accessed on October 7, 2023
Russian-Portuguese Business Club, Top 10 Portuguese companies – the largest exporters and importers. Accessed on October 7, 2023