According to a report by ECO, since at least 2000, Spain has not only been the main destination for national exports but has also been Portugal's main economic partner: since then, trade between the two countries has gone from 17.6 billion euros, around 14 % of GDP, for a record figure of 55.5 billion euros last year, equivalent to 23% of GDP.
The dependence of the national economy on Spain is so great that, in the last decade, a quarter of exports were destined for the Spanish market and almost a third of national imports originated from Spanish companies.
According to data from the National Institute of Statistics (INE), in 2022, 26% of national exports were destined for Spain and 32% of national imports were accounted for with products “made in Spain”.
In the sphere of Portugal's commercial accounts, the impact of Spain is so great that last year alone, trade with Madrid surpassed the trade between Portugal and the remaining four major trading partners combined. The overall balance of exports and imports accounted for with Germany, France, China, and the Netherlands last year was 6.6% lower than trade with Spain.