Portuguese exports of goods and services totalled 52.8 billion euros in accumulated values from January to May 2024, compared to 51.0 billion euros in the same period in 2023, according to data from the Banco de Portugal. This represents an increase of 1.7 billion euros (+3.4%).
In the same period, imports totalled 51.1 billion euros. These results led to a surplus of 1.6 billion euros, corresponding to a change in the balance of 1.7 billion euros.
The coverage rate of imports by exports stood at 103.2% in 2024 (January to May), corresponding to an improvement of 3.3 p.p. on the rate recorded in the same period of the previous year.
The European Union accounted for 64.5% of total Portuguese exports of goods and services, up 2.2%. Non-EU countries (35.5 per cent of the total) grew by 5.6 per cent.
Spain was the leading destination for Portuguese exports with a 19.5 per cent share of the total, followed by France (11.8 per cent) and Germany (11.8 per cent). The United Kingdom, with a 9% share, was the leading non-EU client country and fourth overall, followed by the USA with a 7.7% share.
Of particular note was the increase in exports to the USA (+636.8 M€; +18.5%) followed by Germany (+555.7 M€; +9.8%) and the UK (+269.8 M€; +6.0%).
By type of goods and services, Travel and Tourism services was the main export with a 17.6% share of the total, followed by Machinery, Equipment (9.3%) and Vehicles, Other Materials and Transport (8.7%).
