A southwest European nation sharing its eastern border with Spain and its western coastline with the Atlantic Ocean, Portugal shipped US$85.8 billion worth of exported products around the world in 2024.

That dollar amount results from a 39.7% increase compared to $61.4 billion five years earlier during 2020.

Year over year, the overall value of Portuguese exported goods slowed to a 2.3% gain from $83.9 billion in 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 slightly stronger European Union currency made Portugal’s imports paid for in modestly weaker US dollars in 2024 relatively more expensive than in 2023 when converted starting from euros.

Portugal’s 5 most valuable exported products are refined petroleum oils, cars, automobile parts or accessories, medication mixes not in dosage, and olive. Combined, that quintet of leading goods represents 19.5% of total Portuguese export revenues. The product range and relatively low percentage implies that Portugal has a diversified portfolio of exported products albeit automotive-related products are significant.

Portugal’s Best Customers for its Exports

The latest available country-specific data shows that 78.8% of products exported from Portugal was bought by importers in: Spain (26.1% of the Portuguese total), Germany (12.3%), France (12.2%), United States of America (6.7%), United Kingdom (5.2%), Italy (4.4%), Netherlands (3.6%), Belgium (2.6%), Poland (1.5%), Morocco (1.48%), Brazil (1.44%) and Sweden (1.37%).

From a continental perspective, nearly four-fifths (79.2%) of Portugal exports by value was delivered to fellow European countries while 7.8% was sold to North American importers. Portugal shipped another 5.8% worth of goods to buyers in Africa.

Smaller percentages went to customers in Asia (4.6%), Latin America (2.1%) excluding Mexico but including the Caribbean, then Oceania (0.4%) led by Australia and New Zealand.

Portugal is a member of the European Union in good standing. The other EU members bought 71.6% of overall Portuguese exports down from 76.4% for the prior year.

Given Portugal’s population of 10.33 million people, its total $85.8 billion in 2024 exported goods translates to roughly $8,300 for every resident in the southwest European country. That per-capita metric exceeds the average $8,150 for 2023.

Portugal’s Top 10 Exports

The following export product groups represent the highest dollar value in Portuguese global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Portugal.

1. Vehicles: US$10.3 billion (12.1% of total exports)
2. Electrical machinery, equipment: $7.5 billion (8.8%)
3. Mineral fuels including oil: $6.1 billion (7.1%)
4. Machinery including computers: $5.3 billion (6.2%)
5. Plastics, plastic articles: $3.9 billion (4.6%)
6. Pharmaceuticals: $3.6 billion (4.2%)
7. Articles of iron or steel: $2.65 billion (3.1%)
8. Paper, paper items: $2.61 billion (3%)
9. Optical, technical, medical apparatus: $2.52 billion (2.9%)
10. Furniture, bedding, lighting, signs, prefab buildings: $2.49 billion (2.9%)

Portugal’s top 10 export product categories generated 54.8% of the overall value of total Portuguese shipments.

Pharmaceuticals represent the fastest grower among the top 10 export categories, up by 23.9% from 2023 to 2024.

In second place for improving export sales was mineral fuels including oil via a 9.7% advance.

Portugal’s shipments of paper, both as materials plus items made from paper, posted the third-fastest gain in value up by 5.2%.

The leading decliner among Portugal’s top 10 export categories was machinery including computers, pulled down by a -7.9% year-over-year drop.

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 below.

Searchable List of Portugal’s Top Export Products

The following searchable table displays 100 of the most in-demand goods shipped from Portugal during 2024. Shown beside each product label is its total export value then the percentage increase or decrease since 2023.

These 100 exported goods were worth a subtotal of US$60.4 billion or 70.4% by value for all products exported from Portugal during 2024.

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.

1. Paper, paper items: US$1.1 billion (Up by 9.3% since 2023)
2. Cork, articles of cork: $1 billion (Down by -1%)
3. Animal/vegetable fats, oils, waxes: $955.3 million (Up by 125.5%)
4. Footwear: $866.9 million (Down by -17.1%)
5. Woodpulp: $850.5 million (Up by 12.6%)
6. Furniture, bedding, lighting, signs, prefab buildings: $817.4 million (Down by -15.1%)
7. Beverages, spirits, vinegar: $790.8 million (Up by 11.8%)
8. Articles of iron or steel: $729.2 million (Up by 15.4%)
9. Rubber, rubber articles: $690.2 million (Up by 6.4%)
10. Knit or crochet clothing, accessories: $668.6 million (Down by -20.7%)

Portugal has highly positive net exports in the international trade of paper and cork.

These cashflow surpluses indicate Portugal’s strong competitive advantages under the related product categories.

Products Causing Trade Deficits for Portugal

Portugal posted an overall trade deficit equaling -US$30.2 billion for 2024, expanding by 2% from -$29.6 billion in red ink one year earlier in 2023.

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.

1. Mineral fuels including oil: -US$6.4 billion (Down by -16.1% since 2023)
2. Machinery including computers: -$4.8 billion (Up by 33.1%)
3. Electrical machinery, equipment: -$3.6 billion (Down by -7.6%)
4. Vehicles: -$3.4 billion (Up by 12.7%)
5. Organic chemicals: -$3 billion (Up by 30.4%)
6. Iron, steel: -$1.9 billion (Up by 6.4%)
7. Meat: -$1.6 billion (Up by 10.4%)
8. Fish: -$1.4 billion (Up by 6%)
9. Other chemical goods: -$1.38 billion (Down by -15.1%)
10. Plastics, plastic articles: -$1.2 billion (Up by 0.7%)

Portugal has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products, historically 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.

• 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)

 

In macroeconomic terms, Portugal’s total exported goods represent 16.9% of its overall Gross Domestic Product for 2024 ($508.5 billion valued in Purchasing Power Parity US dollars). That 16.9% for exports to overall GDP in PPP for 2024 compares to 18% one year earlier. Those percentages suggest a relatively decreasing 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 averaged 6.462% for 2024, down from an average 6.567% jobless rate in 2023 according to International Monetary Fund statistics.

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 20, 2025

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 20, 2025

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 20, 2025

International Trade Centre, Trade Map. Accessed on March 20, 2025

Investopedia, Net Exports Definition. Accessed on March 20, 2025

Russian-Portuguese Business Club, Top 10 Portuguese companies – the largest exporters and importers. Accessed on March 20, 2025

Wikipedia, Gross domestic product. Accessed on March 20, 2025

Wikipedia, Purchasing power parity. Accessed on March 20, 2025

X-rates.com, Exchange Rates: Euro to US Dollar (monthly average 2024). Accessed on March 20, 2025