Portugal emerged as a true metals export champion in 2023. With a long history in the production of steel, aluminium, copper and other metals, Portuguese metallurgical companies stand out not only for their technical know-how, but also for their ability to innovate and adapt to global demand.
Although the pace slowed down at the end of 2023, metallurgy and metalworking companies reaffirmed the title of national export champions, exceeding the €24 billion threshold after growing by around 4%.
In recent years, Portugal has invested heavily in cutting-edge technology and efficient production processes, enabling companies to overcome adverse conditions and compete internationally. According to AIMMAP, the Portuguese Association of Metallurgical and Allied Industries, these efforts have paid off, with six of the ten best international trade results ever achieved by Portugal.
One of the factors contributing to Portugal’s export success in the metals sector is its strategic location as a gateway to Europe and other markets. With easy access to the main ports and transportation networks, Portuguese companies can quickly be in touch with their clients in different continents. The high skill level of the workforce and the industry’s ability to adapt to market changes are further distinguishing features of the sector. Its entrepreneurial spirit and culture of innovation are constantly on the lookout for new opportunities and creative solutions to meet clients’ needs.
AIMMAP points out that the month of December was the fifth consecutive month of annual declines in exports, and the value recorded was 3.1% lower than the value recorded in the same month of 2022.
With 68.5% of its exports going to the European Union, markets such as Spain, France, Germany and Italy, but also the United Kingdom and the United States, were of particular importance.
Until 2024, growth is projected to be very weak, mainly due to the external environment, related to decreasing corporate financing, rising inflation and interest rates, the two war scenarios in Ukraine and Gaza, and the disruption of the Suez Canal, which is forcing ships traveling between Asia and Europe to detour around the African coast, limiting not only the volume of exports, but also the supply of raw materials and components.
However, despite these concerns, it is expected that the first months of the year will be positive for the sector and that it will even be possible to surpass a new export record. This is assuming that the war scenarios do not worsen and that the political situation stabilizes.
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Sources:
Jornal de Negócios. (2024). Metal português bate recorde de exportações em 2023, mas atento a “sinais de alerta”. Retrieved 21 march 2024, at: https://www.jornaldenegocios.pt/empresas/detalhe/metal-portugues-bate-recorde-de-exportacoes-em-2023-mas-atento-a-sinais-de-alerta
ECO. (2024). Setor que mais exporta espera novo recorde este ano. Retrieved 21 march 2024, at: https://eco.sapo.pt/2024/02/12/%F0%9F%93%B9-setor-que-mais-exporta-espera-novo-recorde-este-ano/
