After a three percentage point decrease in industry exports as a percentage of GDP in 2023, Portugal is no longer in line with the growth trajectory from 2011 to 2021. Overall, the country has been within or better than the on-track range for all years in the last decade, except for 2020 and 2023. Furthermore, 2022 was Portugal’s all-time high figure, reaching 28 percent of GDP.
Of those exports, the largest components were minerals and metals (20 percent), followed by chemicals (16 percent), and machinery (15 percent).
The fall observed in 2023 was mostly driven by the wood and metals industries. Sectorial associations point to price adjustments and slowing demand as key reasons behind the fall.1
