The Treasurer’s Guide to Trade Finance

Portugal

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 238 bn Goods Exports 59

GDP per capita (USD) 22,224 Imports 78

GDP volume growth (year-on-year) – 1.6% Net – 18

Population 10.69m Services Exports 26

Interest rate (for corporations funding stocks

up to one year) 5.71%

Imports 15

Net + 11

Exchange rate EUR / USD (year average) 0.7194

Source: IFS, IMF, January 2013

BoP (goods, services & income) as % of GDP – 8.3%

International/Regional memberships

European Union (EU): since 1 January 1986.

Portugal is also a member of the European

Economic Area (EEA).

International Monetary Fund (IMF):

since 29 March 1961.

World Trade Organization (WTO):

since 1 January 1995.

Government trade policy

ƒ Portugal implements the EU’s trade

regulations, commercial policies and

customs code (ec.europa.eu/trade).

ƒ Portugal trades freely with its fellow EEA

member states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ National export credit insurance provider:

Companhia de Seguros de Créditos

(COSEC — http://www.cosec.pt), privately owned,

operates Portugal’s state-supported export

insurance programmes.

ƒ The EU maintains 74 free trade zones,

including one in Portugal: Free Zone of

Madeira – Caniçal.

Currency and exchange controls

Official currency: Euro (EUR).

Exchange rate arrangement: free floating.

Portugal does not impose foreign exchange

controls.

ƒ Individuals importing or exporting the

equivalent of EUR 10,000 or more in

domestic or foreign currency are required to

notify the customs authority

(www.dgaiec.min-financas.pt).

Bank accounts

Permission to hold currency accounts

Within

Portugal

Outside

Portugal

EURForeign currency EURForeign currency

Resident

company ✔ ✔ ✔ ✔

Non-resident

company ✔ ✔ ✔ N/A