Portugal

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Map

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Basic Information

Portugal is located in southwestern Europe. The country has an area of about 90,000 square kilometres, a coastline of more than 800 kilometres with multiple seaports. By the end of 2018, the population was about 10.3 million. As of the end of 2017, Chinese immigrants accounted for about 5.4% of Portuguese immigrants. The capital is Lisbon. It is the national political, economic, financial, cultural and technological centre.

Investment Environment

Portugal is a member state of the European Union (EU). Its infrastructure is complete. It has also good social security and high degree of marketisation, as well as geographical advantages. It connects to the markets of European and Portuguese-speaking countries. The wage costs are at a low level among EU member states.

According to , the World Bank’s report on business environment, Portugal’s business environment in 2017/18 was ranked 39th among 190 economies. It also achieved the first place in the ranking of cross-border trade. Its procedure for import and export takes only 1 hour with zero cost, enabling unimpeded flow of commodities.

The service industry dominates the Portuguese economy. In particular, tourism is developing quite well. In addition, cork processing is one of Portugal’s traditions and a pillar industry of the national economy. Other characteristic industries include wine, olive oil, shoemaking, pharmaceuticals, moulds, and renewable energy industries.

Trade Overview

Portugal’s main export destinations are Spain, France, Germany, and the United Kingdom. The main exports include machinery and transportation equipment, food, beverages, and tobacco. The main origins for import include Spain, Germany, France, Italy, and the main imported goods include machinery and transportation equipment, chemicals and related products that are not specified, as well as food, beverages and tobacco.

China’s exports to Portugal include electrical machinery, electrical appliances, audio-visual equipment and the accessories thereof, boilers, mechanical appliances and parts. Goods imported from Portugal mainly are electrical machinery, electrical appliances, audio-visual equipment and the accessories thereof, vehicles and their accessories (except railway vehicles) .

2017(a)

2018(a)

2019(a)

2020(b)

Surface area (sq. km)

91,906

91,906

91,906

91,906

Population (million)

10.3

10.3

10.3

10.2

GDP (US$ billion)

221.3

240.9

237.7

214.8

Real GDP growth rate (%)

3.5

2.4

2.2

-8.0

Total exports (US$ billion)

60.2

67.3

65.2

56.4

Total imports (US$ billion)

-75.3

-85.3

-83.8

-72.8

EU Unified Consumer Price Index (%)

1.6

1.2

0.3

-0.2

Current account balance (US$ billion)

2.9

1.0

-0.2

-4.4

Exchange rate (Euro EUR : USD)

0.89

0.85

0.89

0.91

Proportion in total exports (%)

Spain

24.9

France

13.0

Germany

12.0

Britain

6.1

Others

44.0

Main origins for import (2018)

Proportion in total imports (%)

Spain

30.4

Germany

13.3

France

9.8

Italy

5.1

Others

41.4

Proportion in total exports (%)

Vehicles other than railway or tramway vehicles and their parts and accessories

12.3

Fossil fuels, mineral oil and its distilled products; bituminous substances; mineral wax

11.3

Nuclear reactors, boilers, machinery and mechanical appliances and relevant spare parts

9.2

Electrical machinery and equipment and their parts; recorders and speakers, television image and sound recorders and replayers, and parts and accessories

8.7

Others

58.5

Major import goods (2018)

Proportion in total imports (%)

Vehicles other than railway or tramway vehicles and their parts and accessories

15.0

Electrical machinery and equipment and their parts; recorders and sound speakers, television image and sound recorders and replayers, and parts and accessories

7.9

Fossil fuels, mineral oil and its distilled products; bituminous substances; mineral wax

6.2

Nuclear reactors, boilers, machinery and mechanical appliances and relevant spare parts

6.0

Others

64.9

Total trade

Total exports*

Total imports**

2019

668,981.1

436,751.1

232,230.0

2018

600,012.8

375,127.0

224,885.8

2017

557,943.9

344,525.5

213,418.5

2016

558,419.8

400,269.1

158,150.7

2015

436,283.3

289,738.2

146,545.0

Total trade

Total exports*

Total imports**

2019

40,764,237.3

44,098.9

40,720,138.4

2018

44,172,104.4

3,030,674.4

41,141,430.0

2017

33,442,893.1

51,666.1

33,391,227.0

2016

35,220,276.5

701,929.9

34,518,346.6

2015

34,884,892.5

102,227.4

34,782,665.1