LISBON: The weight of Portuguese exports as a percentage of GDP rose from 21.3 percent prior to joining what became the European Union in 1985 to 27.8 percent in 2014, the National Institute of Statistics reported last week.
The report, released in commemoration of Europe Day, traces the major structural changes since joining the union, including the rise of Spain to become Portugal’s leading trade partner.
Back in 1985, Portuguese exports amounted to €4.847 billion and 21.3 percent of GDP, whilst running a negative trade balance of €1.769 billion or 7.8 percent of GDP and corresponding to a coverage rate of 73.3 percent.
Practically three decades later, exports have risen to €48.177 billion and 27.8 percent of GDP with imports hitting €58.853 billion or 34 percent of GDP with the €10.676 billion trade deficit, 6.2 percent of GDP with a coverage rate of 81.9 percent.
In turn, back in 1985 the main Portuguese export markets were the United Kingdom, Germany, France, the United States and the Netherlands whilst its key suppliers were Germany, the United States, France, the United Kingdom and Spain. Spain was Portugal’s sixth largest client 30 years ago with a 4.1 percent weighting but it attained first position at the turn of the millennium and a 23.5 percent weighting in 2014.
