Imports and Exports of Portugal
Portugal’s central bank (Banco de Portugal) along with two of the country’s largest banks (Banco Comercial Português) and the state-owned bank (Caixa Geral de Depositos), have been able to manage the country’s economy properly, since Portugal joined the European Union in 1986. Nowadays Portugal, with its imports and exports, along with other activities, is able to compete with EU financial standards. Thirteen years after joining the European Union, the country’s currency changed from Scotus to the Euro, and remains the euro to this day.
Former Portuguese Economy Minister (António Pires de Lima), managed to save Portugal from recession, with his efficient attitude. After him, the government’s efforts to improve the economic situation and strengthen had continued. As a result of these efforts, today Portugal is witnessing a turning point in its economy and a bright future has been predicted by economists for this country.
Portugal’s business growth
D to the improvement of international trade relations, we are witnessing the continued growth and expansion of Portugal’s imports and exports. Some of the world’s leading companies such as Grupo Portucel Soporcel, a very successful company in the global paper market, Sonae Indústria, the world’s largest producer of wood panels, Corticeira Amorim, the world’s leader in wool production, and Conservas Ramirez, the oldest cannery are manufacturing in Portugal.
Although a significant area of Portugal is devoted to agriculture, the country’s economy is less dependent on imports and exports of agricultural products. Portugal is now more focused on trade and services. Some of these services include: public services, trade (wholesale and retail of products), construction and sale of real estate and banking.Most of Portugal’s economy (about 70%) is service-based. In this country, the software and car industry has become one of the most lucrative platforms. In Portugal, tourism also plays an important role in the economy. Portugal is now one of the most competitive countries in tourism. Portugal’s largest trading partner is Spain, which imports about 27% of its goods from Portugal. Other Portuguese export partners are Germany and France.In this country, GDP (gross domestic product) is based on agriculture, industry and services. Clothing, footwear, chemicals and paper are among Portugal’s most powerful export products. Machinery is one of the items imported to Portugal.
One of the Portugal’s strength is tourism, which has a potential role in the economy and one of the main pillars of employment. Last year, about 12 billion GDP in Portugal came from the tourism industry, which is a good amount compared to other countries.Another source of income in Portugal is imports and exports. Exports include a variety of aquatic products like beverages and wool. In Portugal crops such as cereals, olives and wheat are one of the major agricultural sectors.Portugal has also made significant progress in industry, refining oil and cement, machinery and electronics. One of the main reasons for this development is the natural resources of lithium and tin in Portugal.
Portugal's export potentials
- Spare parts for cars and vehicles
- Machinery equipment
- Paper and paper pulp
- Minerals and agricultural products
- Chemicals and pharmaceutical supplements
- Foodstuffs such as olives and different oils
Portugal's imports potentials
- Fossil fuels such as oil and gas
- Electrical devices
- Rare animals
- Animal products
- Different types of plant species
- Medical products