Car component exports up 14% to a record in 2023

Exports of car components rose almost 14% to a record €12,433Bn in 2023 according to data released by the AFIA – Association of Automobile Industry Manufacturers.

“Exports of vehicle components stood at €12.433Bn for the whole of 2023, registering an increase of 13.7% on 2022”, states the communiqué from the AFIA.
However, in December, the exports of components suffered a fall of 2.8% to €735 million.
This fall was down to a fall in consumption because of geo-political conflicts, bucking the growth trend that had been seen for 19 months running.
In the fourth quarter of 2023 there was an increase of 7.4% compared to the same period in 2023, to €3.096Bn. Spain was the main destination for car components made in Portugal (27.9% of exports), followed by Germany (22.6%) and France (10.4%).
The figures released by the AFIA are based on international trade statistics from the INE – National Statistics Institute.
The Portuguese vehicle components industry has 350 companies employing 63,000 direct jobs and represents 5.4% of GDP and 9.1% of Portugal’s manufacturing sector.