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Portugal Exports reach EUR 100 billion

Portugal Exports reach EUR 100 billion -
Portugal Exports reach EUR 100 billion - Portugal Business News

Portugal Exports reach EUR 100 billion in 2022 according to the Portuguese Agency for Investment and Foreign Trade. Portuguese exports will reach this figure for the first time in its history, despite the external environment and rising prices of energy and raw materials.

During the first half of 2022, Portuguese exports grew by 49% of GDP, of which 20% accounts for the Tourism sector. With such successful figures, Portugal can become more ambitious for the industry and business sectors. It is to be noted that, despite a number of external shocks, Portuguese businesses are more competitive.

The Portuguese Industrial Association (AIP) has an open Call for Proposals for 11 Digital Trade Accelerators to cover continental Portugal, the Azores and Madeira. There will be four consortiums that will be supporting the growth of businesses in the goods and services sectors via the digital transformation of processes and business models. The consortiums will also provide capacity building and support targeting direct investments and the globalization of SMEs.

Another approach targeting SMEs for promoting exports includes an MOU with the Portugal Business Roundtable. The association, that comprises 42 of the largest corporate groups in Portugal, has as main goal to accelerate the country’s economic and social growth. This new partnership will contribute to driving the growth of Portuguese Small and Medium Enterprises (SMEs).

SMEs are major drivers of growth, since they not only contribute to employment, but they are also innovative. With the number of support measures to be provided to SMEs increasing, it is expected that this will have a major economic impact and will drive the upward trend in 2023.

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