Portugal improved its Current Account deficit to - €2,910 million in the first quarter of 2011, 28,6% less than in the year earlier period. Most of the improvement occurred in merchandise and services, but transfers also increased, including transfers of €200 million from the EU. Exports reached 73% of imports in the period, compared to only 68% a year earlier and 63% in 2009. Portual has a chronic trade defice, (especially with Spain and Germany, its main trading partners), including - €3.1 million of net agricultural imports in 2010.
Portugal major exports are: clothing and footwear, machinery, chemicals, cork and paper products, hides, tungsten and wine. Portugal imports mostly machinery and transport equipment, chemicals, petroleum, textiles and agricultural products. European Union is by far its largest trading partner accounting for about 72% of total trade.
Portugal's recent xternal performance compares well with that of Greece, which also reduced its Current Account deficit by -24,3% to - €7,300 million in the first quarter of this year.
Comércio Externo e Crescimento da Economia Portuguesa, 2004 http://www.fep.up.pt/investigacao/workingpapers/04.05.06_WP146_Afonso%20e%20Aguiar.pdf
Comércio internacional Abril 2011 http://economiafinancas.com/tag/estatisticas-do-comercio-internacional/
Portugal adjustment program: http://www.bportugal.pt/pt-PT/OBancoeoEurosistema/ProgramaApoioEconomicoFinanceiro/Paginas/default.aspx