Spain-Portugal Bilateral Trade Analysis 2023
Complete trade statistics: $56.65B total volume •Spain surplus: $18.55B
Spain → Portugal
$37.60B
Exports (2023)
Portugal → Spain
$19.05B
Imports (2023)
Trade Balance
$18.55B
Surplus for Spain
Total Trade
$56.65B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Spain and Portugal. Green line shows exports from Spain, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Spain-Portugal commercial relationship and competitive positioning in global markets.
Spain → Portugal Exports
Export Market Intelligence
🎯 Strategic Export Focus
Spain's export portfolio to Portugal demonstrates strong diversification across multiple sectors, with petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils representing a key competitive advantage in this bilateral market.
Portugal → Spain Imports
Import Dependency Profile
📦 Import Strategy Analysis
Spain's import pattern from Portugal reveals significant dependencyin electrical energy, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Spain demonstrates competitive strength in exportingpetroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils to Portugal, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsmoderatecomplementarity, with each country specializing in different sectors.
Growth Potential
The $56.65B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Spain-Portugal Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $56.65 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Spain maintains a surplus of $18.55 billion
- Export Focus: Spain's primary exports include petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, electrical energy, vehicle parts and accessories: n.e.c. in heading no. 8708
- Import Dependencies: Key imports from Portugal include electrical energy, electrical apparatus: photosensitive, including photovoltaic cells, whether or not assembled in modules or made up into panels, light-emitting diodes (led), vehicle parts and accessories: n.e.c. in heading no. 8708
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents one of the world's largest trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $56.65B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Spain leveraging its comparative advantages in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Spain's specialization in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oilscomplements Portugal's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in electrical energy.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $56.65B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $56.65B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $56.65 billion bilateral trade volume represents a major economic driverfor both economies.
Industrial Integration
Trade flows in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils and electrical energy demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Spain's trade surplus of $18.55 billion strengthens its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Spain and Portugal represents a total trade volume of $56.65 billion in 2023. This partnership demonstrates a favorable trade balance for Spain, with exports exceeding importsby $18.55 billion.
Export Strengths
Spain's exports to Portugal total $37.60 billion, with competitive advantages in petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, representing $1.46B or3.9% of bilateral exports.
Import Dependencies
Imports from Portugal amount to $19.05 billion, highlighting economic interdependence in electrical energy, with Electrical energy comprising3.0% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade surplus indicates Spain's competitive position in this bilateral relationship. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Spain and Portugal in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023