Portugal-Spain Bilateral Trade Analysis 2023
Complete trade statistics: $56.65B total volume •Portugal deficit: $18.55B
Portugal → Spain
$19.05B
Exports (2023)
Spain → Portugal
$37.60B
Imports (2023)
Trade Balance
$18.55B
Deficit for Portugal
Total Trade
$56.65B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Portugal and Spain. Green line shows exports from Portugal, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Portugal-Spain commercial relationship and competitive positioning in global markets.
Portugal → Spain Exports
Export Market Intelligence
🎯 Strategic Export Focus
Portugal's export portfolio to Spain demonstrates strong diversification across multiple sectors, with electrical energy representing a key competitive advantage in this bilateral market.
Spain → Portugal Imports
Import Dependency Profile
📦 Import Strategy Analysis
Portugal's import pattern from Spain reveals strategic sourcingin petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Portugal demonstrates competitive strength in exportingelectrical energy to Spain, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $56.65B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Portugal-Spain Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $56.65 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Portugal maintains a deficit of $18.55 billion
- Export Focus: Portugal's primary exports include electrical energy, electrical apparatus: photosensitive, including photovoltaic cells, whether or not assembled in modules or made up into panels, light-emitting diodes (led), vehicle parts and accessories: n.e.c. in heading no. 8708
- Import Dependencies: Key imports from Spain include petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, electrical energy, vehicle parts and accessories: n.e.c. in heading no. 8708
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents one of the world's largest trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $56.65B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Portugal leveraging its comparative advantages in electrical energy.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Portugal's specialization in electrical energycomplements Spain's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $56.65B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $56.65B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $56.65 billion bilateral trade volume represents a major economic driverfor both economies.
Industrial Integration
Trade flows in electrical energy and petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Portugal's trade deficit of $18.55 billion impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Portugal and Spain represents a total trade volume of $56.65 billion in 2023. This partnership demonstrates an unfavorable trade balance for Portugal, with imports exceeding exportsby $18.55 billion.
Export Strengths
Portugal's exports to Spain total $19.05 billion, with competitive advantages in electrical energy, representing $573.90M or3.0% of bilateral exports.
Import Dependencies
Imports from Spain amount to $37.60 billion, highlighting economic interdependence in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, with Petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils comprising3.9% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Portugal's strategic sourcing from Spain. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Portugal and Spain in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023