Portuguese automobile component exports set a “new absolute record” in 2019, increasing 4.2% to €9.749 billion, the sector association announced Monday.
In a statement, based on the latest data from the National Statistics Institute (INE), the Association of Manufacturers for the Automotive Industry (AFIA) highlights that this figure represents an increase of 86% compared to the €5.241 billion euros of exports registered in 2010.
“In view of these results it is confirmed that exports of automobile components grow more than the rest of the manufacturing industry [4.2% against 3.6%], proving to be one of the most important sectors for the growth of the economy and for Portuguese exports,” the association maintains.
Last year, exports of automotive components grew 4.1% to EU countries, which absorbed 90% of the sector’s foreign sales, and 4.3% to the rest of the world.
The Spanish, German, French and British markets accounted for 71% of total exports, with the highest growth recorded in sales to Spain (up 9.4% to €2.611billion euros), followed by Germany (up 5.8% to €2.058 billion) and France (up 1.8% to €1.363 billion).
Exports to the United Kingdom fell by 8.9% to €852 million.
According to AFIA, the automobile components industry currently represents 16.3% of Portuguese exports of tradable goods.
The components industry for the automobile sector aggregates 240 companies based or working in Portugal, with direct employment of around 59,000 people and an annual turnover of €12 billion, with an export share of over 80%.
“In terms of importance in the national economy, it represents 6% of the GDP, 8% of employment in the manufacturing industry and 16% of national exports of tradable goods”, advances the association.