Portuguese exports and imports grew sharply in 2017

Tourism, a major driver of the Portuguese economy, is classified as an export service.

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Portuguese exports and imports grew sharply in 2017, the National Statistics Institute (INE) says.  Exports increased by 10.1 percent compared to 2016, while imports increased 12.5 percent.

To put the figures in context, exports grew 0.8 percent and imports 1.5 percent in 2016 versus 2015.

Exports in 2017 brought in 55.07 billion euros, the biggest take on record.

According to analysis conducted by the ECO online business newspaper, this equates to 28.6 percent of Portugal’s GDP, the highest share in at least 17 years and 10 percentage points higher than in 2009.

Imports also reached unprecedented levels in 2017, totaling 68.92 billion euros. The overall effect was a 13.84 billion euros trade deficit.

However, the figures are for goods only and do not include services.

Tourism, a major driver of the Portuguese economy, is classified as an export service.

In a separate data announcement, the Portuguese Association of Textiles and Clothing (ATP) also announced a record year. The sector accounted for 5.23 billion euros in exports, a 4 percent year-on-year increase.

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