Imports/Exports in Portugal
Portugal's economy is open to foreign investment, trade represents more than 70% of the GDP (during the period 2007-2009). Becoming a member of the European Union changed the structure of the Portuguese imports and exports. The country exports more and more technological equipment instead of the traditional agricultural products or products from the textile and clothing industry.
The European Union is Portugal's main customer, followed by the United States. Other commercial partners of Portugal are China, Nigeria and Brazil.
The trade balance of Portugal is structurally in deficit, however its balance experienced an improvement during the crisis, due to the fall of imports which was much higher than the drop on exports. Since the beginning of 2011, Portugal has experienced a decline in its trade deficit over the same period in 2010, thanks to higher exports.
|Foreign Trade Indicators||2006||2007||2008||2009||2010|
|Imports of Goods (million USD)||66,673||78,195||89,975||71,648||75,277|
|Exports of Goods (million USD)||43,332||51,515||55,816||44,310||48,744|
|Imports of Services (million USD)||11,814||13,989||16,262||14,154||14,120|
|Exports of Services (million USD)||18,193||22,978||25,916||22,401||22,856|
|Imports of Goods and Services (Annual % Change)||7.2||5.5||2.8||-10.8||-|
|Exports of Goods and Services (Annual % Change)||9.3||7.4||-||-||-|
|Imports of Goods and Services (in % of GDP)||39.7||40.3||42.6||35.6||-|
|Exports of Goods and Services (in % of GDP)||31.0||32.3||32.5||28.0||-|
|Trade Balance (million USD)||-23,107||-26,450||-33,787||-24,410||-|
|Trade Balance (Including Service) (million USD)||-14,768||-15,240||-21,753||-||-|
|Foreign Trade (in % of GDP)||70.8||72.6||75.1||63.6||-|
Source: WTO - World Trade Organization ; World Bank
Main Partner Countries
(% of Exports)
|Other partnersClose extended list||38.3%|
(% of Imports)
|Other partnersClose extended list||37.0%|
Exchange Rate System
- Exchange Rate Regime
- The paying-up of capital flows, not only regarding EU members but also other countries,has been in force since December 16th, 1992. However, the Bank of Portugal reserves the right to impose temporary limitations in some exceptional circumstances.
- Level of Currency Instability
- Little risk as the euro is a major currency.
|Euro (EUR) - Average Annual Exchange Rate For 1 USD||0.80||0.80||0.73||0.68||0.72|
Source: World Bank
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In 2011, Portugal’s agriculture, fish and forest product imports from the United States were valued at $401 million, a substantial increase from previous years.
Foreign Agricultural Service on 18 Feb 2013 related to Imports/Exports in Portugal
As a member of the European Union, Portugal applies EU harmonized regulation on export certificates for plant or animal products whether or not they are intended for human consumption.
Foreign Agricultural Service on 11 Jan 2013 related to Imports/Exports in Portugal
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