Portugal's Top Imports & Exports 2008
Major Portuguese Imports are Semiconductors, Aircraft and Soybeans
Oct 13, 2009
Attaining a Gross Domestic Product (GDP) valued at US$244.5 billion, Portugal was the world’s 37th richest country in 2008.
With a population of 10.7 million Portuguese citizens who enjoyed an average GDP of $22,000 per person last year, Portugal placed 53rd among other nations in terms of GDP per capita.
As the world’s 53rd biggest exporting nation, Portugal shipped $56.4 billion worth of exports in 2008. Portuguese exports include agricultural products, food, oil, chemicals, plastics and rubber. Based on 2008 statistics, Portugal’s largest export clients were Spain (25.7%), Germany (12.7%), France (11.1%), Angola (5.9%) and the United Kingdom (5.3%).
According to the CIA World Factbook, Portugal imported $87.8 billion worth of foreign goods last year. Major commodities imported into Portugal include computer accessories, semiconductors, household goods, passenger cars and wine. Leading suppliers to Portugal were Spain (28.9%), Germany (11.6%), France (8%), Italy (4.9%) and Netherlands (4.4%).
In total, Portugal’s international trade amounted to $144.2 billion or 59% in relation to its overall GDP. This compares with roughly 25% for the U.S. and 60% for Canada.
Portugal Trade with the U.S.
Last year, Portuguese exports to America fell 19.6% to $2.5 billion. Over that same period, Portugal bought $2.6 billion worth of U.S. imports – an increase of 6.8%.
Therefore, Portugal’s trade deficit with the U.S. was $100 million in 2008.
The lists below present the top 10 exports and imports that American and Portuguese enterprises exchanged in 2008. The fastest-growing trade product categories are also listed.
Portugal’s Top Exports to America
The top 10 Portuguese exports shipped to the U.S. in 2008 generated 63.1% of the total shipment value from Portugal to America.
- Passenger cars … US$337.9 million, down 4.5% from 2007 (13.8% of US imports from Portugal)
- Other petroleum products … $279.4 million, down 63.3% (11.4%)
- Abrasives, belting, boxes and glass … $195.2 million, up 5.9% (8%)
- Cotton apparel and household goods… $174.1 million, down 16.6% (7.1%)
- Semiconductors … $124 million, down 60.3% (5.1%)
- Generators and transformers … $106.2 million, up 305.1% (4.3%)
- Paper and paper products … $103.1 million, up 10.1% (4.2%)
- Fuel oil … $86.4 million, up 351.1% (3.5%)
- Wine and related products … $70.3 million, down 2.9% (2.9%)
- Other vehicle parts and accessories … $67.9 million, up 1.7% (2.8%).
Fastest-Growing Portuguese Exports to the U.S.
Nine of the 10 fastest-growing Portuguese exports to America in 2008 had triple-digit increases.
- Fuel oil … US$86.4 million, up 351.1% from 2007
- Generators and transformers … $106.2 million, up 305.1%
- Other materials including hair and waste … $12 million, up 272.7%
- Movies, miscellaneous imports and special transactions… $5.4 million, up 162.8%
- Meat and poultry… $5.6 million, up 146%
- Civilian aircraft engines … $2.7 million, up 130.1%
- Toiletries and cosmetics … $4 million, up 117.4%
- Synthetics (cork, gums, resins, rubbers, wood) … $14.4 million, up 115.6%
- Non-advanced iron and steel products … $8.8 million, up 103.8%
- Photographic and optical equipment … $4.9 million, up 98%.
Portugal’s Top Imports from America
Semiconductors and aircraft generated 54.4% of America’s total exports to Portugal in 2008. All top 10 product categories accounted for 75% of total Portuguese imports from the U.S.
- Semiconductors … US$770 million, down 10% from 2007 (29.1% of US exports to Portugal)
- Civilian aircraft … $670.2 million, up 45.7% (25.3%)
- Soybeans … $117.6 million, up 0.1% (4.4%)
- Fish and shellfish … $68.2 million, up 7.3% (2.6%)
- Industrial engines … $59 million, up 205.6% (2.2%)
- Logs and lumber … $55 million, down 23.9% (2.1%)
- Medicinal equipment … $40.4 million, down 15.9% (1.5%)
- Other petroleum products … $39.5 million, up 15.8% (1.5%)
- Unmanufactured tobacco … $34.8 million, down 23.8% (1.3%)
- Wheat … $34.2 million, down 12.1% (1.3%).
Fastest-Growing Portuguese Imports from the U.S.
American shipments of corn to Portugal vary widely from year to year, but spiked by a remarkable 3,432% in 2008. Among other fast-growing products, 5 export categories had triple-digit increases while 4 exports were up in double-digits of at least 69%.
- Corn … US$11.2 million, up 3,432%
- Generators and accessories … $24.4 million, up 467.3%
- Vegetables … $2.8 million, up 207.9%
- Industrial engines… $59 million, up 205.6%
- Laboratory testing instruments … $16.2 million, up 186.6%
- Glass including plates and sheets … $2 million, up 144.9%
- Collectibles (antiques, artwork, stamps) … $12.9 million, up 94%
- Unmanufactured agricultural farming goods … $6.8 million, up 72.6%
- Artillery, guns, missiles and tanks … $8.9 million, up 69.7%
- Other coal and fuels … $26.4 million, up 69.3%.
Comparative Trade Advantages
During 2008, Portugal exported $337.9 million worth of passenger cars to the U.S. while importing $30.3 million worth of American automobiles.
These Portuguese-American trade statistics show that Portugal has a comparative advantage over the U.S. in the passenger-car trade between the 2 nations.
On the other hand, America exported $770 million worth of semiconductors to Portugal in 2008 contrasted with $124 million in Portuguese-made semiconductors that were imported into the U.S.
That the U.S. exported over three times the value of imported Portuguese semiconductors clearly shows that America has a comparative advantage in producing semiconductors over the Portugal.
Sources
This analysis is based on latest statistics from the US Census Bureau Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
 |
 |
 |
 |
 |
