In 2023, exports to the European Union increased by 1.4 per cent, registering a share of total exports of 70.8 per cent. Spain had a 25.5 per cent share of the total, followed by France and Germany with 13.5 per cent and 11.0 per cent respectively.
Outside the European Union, the main customers were the United States of America and the United Kingdom, with shares of 6.2 per cent and 4.7 per cent respectively.
In this period, France made the biggest contribution to overall export growth, with an increase of 485 million euros (up 8.5 per cent). This was followed by Morocco with an increase of 239 million euros, a growth of 60.0 per cent, Algeria with an increase of 183 million euros (up 167.2 per cent), Belgium with 143 million (up 13.1 per cent) and Japan with 126 million euros (82.9 per cent).
Exports of Machinery and Equipment (16.6 per cent), which is Portugal's main export, and Vehicles and Other Transport Equipment (15.4 per cent) and Foodstuffs (15.7 per cent) increased the most.
During this period, imports totalled 62.2 billion euros. It should be noted that with these results, the trade balance deficit totalled 15.5 billion, corresponding to a reduction of 945 million euros compared to 2022.
It should also be noted that in the period between January and June, Portuguese exports of Manufactured Industrial Products accounted for 93.6 per cent of total exports, an increase of 4.2 per cent. The remaining products, 6.4 per cent of the total, fell by 7.3 per cent.
By Degree of Technological Intensity of processed industrial products, High Technology represented 11.6 per cent of the total, Medium-High Technology 31.9 per cent, Medium-Low Technology 24.2 per cent and Low Technology 32.4 per cent.