That dollar amount results in a 26.7% increase in Portuguese spending compared to $89.5 billion 5 years earlier during 2019, but a -1.6% year-over-year slowdown compared to $115.3 billion starting from 2022.
Based on the average exchange rate for 2023, Portugal uses the euro which depreciated by -3.5% against the US dollar since 2019 but appreciated by 2.6% from 2022 to 2023. The weaker European Union currency in 2023 relatively more expensive than in 2019 when converted starting from euros.
Domestically, the inflation rate for Portugal’s consumer prices averaged 5.307% in 2023 down from an average 8.103% for 2022.
Portugal’s Best International Trade Suppliers
The latest available country-specific data shows that 81.1% of products imported into Portugal was supplied by exporters in: Spain (33.8% of the Portuguese total), Germany (11.6%), France (7%), Netherlands (5.3%), mainland China (5%), Italy (also 5%), Brazil (3.5%), Belgium (3.2%), United States of America (2.1%), Poland (1.9%), Ireland (1.6%) and Nigeria (1.2%).
Applying a continental lens, more than three-quarters (77.2%) of Portugal’s total imports by value in 2023 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 11.9% of Portugal’s spending on imported products.
Smaller percentages came from suppliers in Latin America (4.3%) excluding Mexico but including the Caribbean, Africa (4.1%), North America (2.5%), then Oceania (0.1%) led by Australia and New Zealand.
Given Portugal’s population of 10.3 million people, its total $113.5 billion in 2023 imports translates to roughly $11,000 in yearly product demand from every person in the southwest European country. That per-capita metric exceeds the average $10,300 for 2022.
Portugal’s Top 10 Imports
The following product groups represent the highest dollar value in Portugal’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Portugal.
- Vehicles: US$13.5 billion (11.9% of total imports)
- Mineral fuels including oil: $13.2 billion (11.6%)
- Electrical machinery, equipment: $11.1 billion (9.8%)
- Machinery including computers: $9.3 billion (8.2%)
- Plastics, plastic articles: $5.2 billion (4.5%)
- Pharmaceuticals: $3.9 billion (3.4%)
- Iron, steel: $3.8 billion (3.3%)
- Organic chemicals: $3.1 billion (2.7%)
- Optical, technical, medical apparatus: $2.4 billion (2.1%)
- Fish: $2.4 billion (2.1%)
Portugal’s top 10 import product categories generated about three-fifths (59.8%) of the overall value of imported products purchased from other countries.
Double-digit increases among the leading product categories belong to Portuguese imports of vehicles (up 25.3% from 2022), organic chemicals (up 13%), then optical, technical and medical apparatus (up 11.2%).
The worst year-over-year decline was the -31.2% 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 2023, Portuguese importers spent the most on the following 10 subcategories of vehicles.
- Cars: US$7.1 billion (up 44.1% from 2022)
- Automobile parts/accessories: $3.7 billion (up 6.5%)
- Trucks: $898.5 million (up 57.8%)
- Tractors: $598.3 million (up 25.6%)
- Motorcycle parts/accessories: $383.5 million (down -34.3%)
- Motorcycles: $261.4 million (up 11%)
- Public-transport vehicles: $202.4 million (down -8.7%)
- Trailers: $199.3 million (up 15.7%)
- Special purpose vehicles: $70.1 million (up 71.3%)
- Chassis fitted with engine: $48.3 million (up 32.6%)
Among these import subcategories, Portuguese purchases of special purpose vehicles (up 71.3%), trucks (up 57.8%) then cars (up 44.1%) grew at the fastest pace from 2022 to 2023.
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 2023, Portuguese importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Crude oil: US$5.9 billion (down -23.6% from 2022)
- Processed petroleum oils: $3.3 billion (down -14.1%)
- Petroleum gases: $2.4 billion (down -52.8%)
- Electrical energy: $1.3 billion (down -41.9%)
- Petroleum oil residues: $146 million (down -9.3%)
- Coal tar oils (high temperature distillation): $57.1 million (up 101.8%)
- Petroleum jelly, mineral waxes: $30.4 million (down -14.1%)
- Peat: $13.3 million (down -0.4%)
- Asphalt/petroleum bitumen mixes: $6.9 million (down -30.1%)
- Coke, semi-coke: $4.9 million (down -21.5%)
Among these import subcategories, Portuguese purchases of high temperature distilled coal tar oils was the lone gainer via a 101.8% increase from 2022 to 2023.
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 2023, Portuguese importers spent the most on the following 10 subcategories of electrical goods including consumer electronics.
- Phone devices including smartphones: US$1.5 billion (up 5.1% from 2022)
- Solar power diodes/semi-conductors: $1.4 billion (down -3.9%)
- Integrated circuits/microassemblies: $1.4 billion (down -14.5%)
- Insulated wire/cable: $680.7 million (up 9.9%)
- TV/radio/radar device parts: $613.7 million (down -0.2%)
- Electrical converters/power units: $560 million (up 26.9%)
- Lower-voltage switches, fuses: $545.4 million (up 12.5%)
- Electric water heaters, hair dryers: $382 million (down -0.2%)
- TV receivers/monitors/projectors: $362 million (down -7.6%)
- Electric motors, generators: $290.1 million (up 0.2%)
Among these import subcategories, Portuguese purchases of electrical converters and power units (up 26.9%), lower-voltage switches or fuses (up 12.5%) then insulated wire and cable (up 9.9%) grew at the fastest pace from 2022 to 2023.
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 2023, Portuguese importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$943 million (down -8.9% from 2022)
- Piston engines: $524.3 million (up 5.4%)
- Air conditioners: $488.8 million (up 37.5%)
- Miscellaneous machinery: $458.7 million (up 33.1%)
- Taps, valves, similar appliances: $428.9 million (down -1%)
- Centrifuges, filters and purifiers: $391.2 million (down -5.3%)
- Refrigerators, freezers: $383.8 million (up 5.4%)
- Air or vacuum pumps: $335.2 million (up 6.7%)
- Engines (diesel): $331.8 million (up 13.8%)
- Machinery parts: $274.8 million (down -0.4%)
Among these import subcategories, Portuguese purchases of air conditioners (up 37.5%), miscellaneous machinery (up 33.1%) then diesel engines (up 13.8%) grew by double-digit percentages from 2022 to 2023.
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 November 11, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on November 11, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on November 11, 2024
International Trade Centre, Trade Map. Accessed on November 11, 2024