Diplomat says exports will be 50% of GDP
Portugal’s ambassador to Madrid, João Mira Gomes, believes that exports will continue at or even exceed 50% of the country’s GDP according to the business daily Negócios.
Nominated economic diplomat of the year, he said that sales to Spain had improved by the end of the year, but warned that greater value needed to be created in exports.
João Mira Gomes (seen here with ex-president Ánibal Cavaco Silva) was nominated economic diplomat of the year by the Portuguese Chamber of Commerce and Industry (CCIP) for having been the personality who most contributed to the growth of the Portuguese economy through the internationalisation of Portuguese companies and from promoting Portugal overseas.
In the interview, the ambassador pointed out that Portugal exported more to Spain than it exported to France and Germany together, but said that the trade balance with Spain was still in Spain’s favour.
“We have to not only increase our export turnover, but also the value of these exports, and you get that by more value added on the products that we export to Spain,” he said.
According to Comtrade, exports from Portugal to Spain were worth over US$19.3Bn in 2021.
Portugal imported US$30.5Bn of all of its total imports from Spain making it its main imports partner.
However, the trade balance of goods was unfavourable to Portugal showing an imbalance of €11.2Bn in 2021.
By 2022 Portugal’s exports to Spain had risen to US$21.65Bn in 2022 according to Comtrade while Spain’s exports to Portugal had also risen to US$33.76Bn according to the same organisation.
Photo: © Presidência da República Portuguesa – ARQUIVO – Aníbal Cavaco Silva – 2006-2016