Exporting

All the tools and resources you need to export your goods across the world

Following its heyday as a global maritime power during the 15th and 16th centuries, Portugal lost much of its wealth and status with the destruction of Lisbon in a 1755 earthquake, occupation during the Napoleonic Wars, and the independence of Brazil, its wealthiest colony, in 1822. A 1910 revolution deposed the monarchy; for most of the next six decades, repressive governments ran the country. In 1974, a left-wing military coup installed broad democratic reforms. The following year, Portugal granted independence to all of its African colonies. Portugal is a founding member of NATO and entered the EC (now the EU) in 1986.

Location

Southwestern Europe, bordering the North Atlantic Ocean, west of Spain

Natural Resources

fish, forests (cork), iron ore, copper, zinc, tin, tungsten, silver, gold, uranium, marble, clay, gypsum, salt, arable land, hydropower

Population - distribution

concentrations are primarily along or near the Atlantic coast; both Lisbon and the second largest city, Porto, are coastal cities

10676000
Portuguese (official), Mirandese (official, but locally used)
LISBON (capital) 2.884 million; Porto 1.299 million (2015)
Conventional long form
Portuguese Republic
Conventional short form
Portugal
Local long form
Republica Portuguesa
Local short form
Portugal
semi-presidential republic
Name
Lisbon
Geographic coordinates
38 43 N, 9 08 W
Time difference
UTC 0 (5 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Portugal has become a diversified and increasingly service-based economy since joining the European Community - the EU's predecessor - in 1986. Over the following two decades, successive governments privatized many state-controlled firms and liberalized key areas of the economy, including the financial and telecommunications sectors. The country joined the Economic and Monetary Union in 1999 and began circulating the euro on 1 January 2002 along with 11 other EU members.
Inflation
0.607%
Total tax rate (% of commercial profits)
39.8%
Real Interest Rate
4.313%
Manufacturing, value added (% of GDP)
13.622%
Current Account Balance
US$ 1,707,572,250
Labor Force, Total
5,189,945
Employment in Agriculture
6.91%
Employment in Industry
24.50%
Employment in Services
66.07%
Unemployment Rate
11.16%
Imports of goods and services
US$ 79,932,408,339
Exports of goods and services
US$ 82,378,363,072
Total Merchandise Trade
60.24%
FDI, net inflows
US$ 8,409,551,650
Commercial Service Exports
US$ 28,963,238,158
grain, potatoes, tomatoes, olives, grapes; sheep, cattle, goats, pigs, poultry, dairy products; fish
textiles, clothing, footwear, wood and cork, paper and pulp, chemicals, fuels and lubricants, automobiles and auto parts, base metals, minerals, porcelain and ceramics, glassware, technology, telecommunications; dairy products, wine, other foodstuffs; ship construction and refurbishment; tourism, plastics, financial services, optics
Commodities
agricultural products, foodstuffs, wine, oil products, chemical products, plastics and rubber, hides, leather, wood and cork, wood pulp and paper, textile materials, clothing, footwear, machinery and tools, base metals
Partners
Spain 25%, France 12.1%, Germany 11.8%, UK 6.7%, US 5.2%, Angola 4.2%, Netherlands 4% (2015)
Commodities
agricultural products, chemical products, vehicles and other transport material, optical and precision instruments, computer accessories and parts, semiconductors and related devices, oil products, base metals, food products, textile materials
Partners
Spain 32.9%, Germany 12.9%, France 7.4%, Italy 5.4%, Netherlands 5.1% (2015)
Country Risk Rating
A3
Changes in generally good but somewhat volatile political and economic environment can affect corporate payment behavior. A basically secure business environment can nonetheless give rise to occasional difficulties for companies. Corporate default probability is quite acceptable on average.
Business Climate Rating
A2
The business environment is good. When available, corporate financial information is reliable. Debt collection is reasonably efficient. Institutions generally perform efficiently. Intercompany transactions usually run smoothly in the relatively stable environment rated A2.
  • Quality infrastructure
  • Tourist attractiveness
  • Sector and geographic diversification initiated, research and innovation capacities
  • Declining labor unit costs and reforms
  • Limited scale of the manufacturing industry, specialization in sectors with low added value (textile-clothing, mineral products and metal ores, metals, food products)
  • High level of public and corporate debt
  • Rigid labor market and limited domestic competition, low investment
  • Deteriorating bank asset quality and profitability

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