Exports of car components hit €1Bn

Exports of car components from Portugal have grown to over €1Bn, up 22% this year compared to 2022.

This is according to the Portuguese Association of Manufacturers for the Automobile Industry (AFIA) that says the sector is continuing to grow at a good rate, despite the downturn that is affecting other sectors of the Portuguese manufacturing industry.
In an interview with Jornal Económico, the president of AFIA, José Couto, said that exports had grown by around 22% in 2023, although they fell back to +16% from the second half of the year.
“Nevertheless, we believe that we will close 2023 with a growth of more than 10%” bringing around €1Bn into Portugal’s export accounts for the year.
“We are going through a very complex phase, with a change of some paradigms, staring with electric mobility that requires a very considerable investment from companies, and this is what has been happening in Portugal “, said José Couto.
He added that on average each vehicle component manufacturer invests around €2 million per year, meaning that the sector’s 350 companies invest a total of €700 million yearly.