Portugal: A prosperous market for Spanish companies

Strong bilateral relations

For Portugal, Spain is the first client and the first supplier country. The evolution of trade exchanges between the two Iberian partners over recent years has followed an upward trend, although they decreased slightly in 2023 compared to the previous year.

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Portugal, with which Spain strengthens historical and cultural ties, is consolidating itself as one of the main destinations for Spanish exports, offering a market of more than 10 million potential consumers.

 

Relations between Spain and Portugal are characterized by their fluidity and constant cooperation. Periodic bilateral summits, such as the XXIV Summit held in Lanzarote in March 2023, serve to address issues of mutual interest and strengthen economic ties. Numerous economic agreements, from collaboration in microelectronics to energy research and sustainable tourism, underpin these relationships.

 

Trade exchanges between both countries reached a significant volume in 2023. Spain positioned itself as Portugal's fourth client, absorbing 8% of its exports, while Portugal became Spain's main supplier, representing more than 33% of its external purchases, according to data from the ICEX - Spanish Institute for Foreign Trade.

 

The Portuguese economy closed 2023 with a growth of 2,3% and a GDP per capita of 25.730 euros. Unemployment stood at 6,8% in the first quarter of the year, while public accounts showed a surplus of 1,6% of GDP.

 

The tertiary sector is the driving force of the Portuguese economy, contributing 76% of GVA and 70% of employment. Tourism, with more than 30 million foreign visitors in 2023, stands as one of the most relevant activities. The public sector also plays a crucial role, representing around 44% of GDP in 2022.

 

Portugal is presented as a prosperous market full of opportunities for Spanish companies seeking to expand internationally.

 

Spain is Portugal's main trading partner, both in exports and imports. Trade exchanges have experienced constant growth in recent years, although there was a slight drop in 2023 compared to the previous year. In 2023, Spanish exports to Portugal exceeded 31.800 billion euros, while Portuguese imports from Spain reached 16.530 billion euros, according to DataComex.

 

The metropolitan areas of Lisbon and Porto They concentrate the majority of the Portuguese population and economic activity. More than 2.400 Spanish companies already operate in Portugal, and many see both countries as a single market.

 

Quality is a key factor in the Portuguese market, especially in technological and innovative sectors such as automotive, aeronautics, information technology, biotechnology and the healthcare sector.

 

Beyond tourism, Portugal seeks to diversify its economy, offering opportunities in sectors such as the digital economy, the transformation industry, the petrochemical sector, logistics, the blue economy, the energy transition, mobility, environmental technologies and renewable energies . The country is firmly committed to clean energy and sustainable infrastructure, creating an attractive environment for foreign investment in this area.

 

Lisbon is positioning itself as a hub for startups and innovative technology companies. The Portuguese government is promoting a dynamic entrepreneurial ecosystem, offering a favorable environment for establishing businesses in this sector.

 

In short, Portugal is presented as a prosperous market full of opportunities for Spanish companies seeking to expand internationally. Geographic proximity, cultural affinity and solid bilateral relations create favorable terrain for business success.