EU-partnerships

Portugal

Research | 9 July 2026

€208 mln

PT runs a persistent trade deficit with UA (€208 mln in 2024), driven by Portuguese imports of grain and oilseeds

the 4th

Ukrainians are the 4th largest foreign community in PT; 59,015 under temporary protection in December 2025 — 71% of them of working age

€243 mln

PT service exports to UA surged to €243 mln in 2022, driven by refugee spending

€7 mln

PT’s FDI in UA remains limited (€7 mln) but defence-industrial cooperation is expanding

Centre for Economic Strategy (CES), an independent Ukrainian think tank that analyzes key public policies and promotes support for reforms.

With donor support, CES has launched a series of studies on trade relations between Ukraine and the European Union countries.

Free movements of goods and services

PT imports more from UA than it exports, with the deficit reaching €208 mln in 2024. Agricultural products — maize, wheat, rapeseed, and sunflower oil — dominate imports

PT’s exports have transformed since 2022: telecommunications and optical instruments, including components used in drone systems, now account for over 53% of total exports

PT maintained a services surplus post-2022, driven by refugee spending. The surplus peaked at €215 mln in 2022, before stabilising at €69–79 mln in 2023–2024 — still well above pre-war levels

On the UA’s side, IT and telecoms (~27%) form the largest category, with Intellias and Sigma Software opening offices in PT in 2022

Trade Balance UA-PT 2024

Top-5 goods of Portugal-Ukraine trade in 2024, € mln

Free movement of persons and capital

4th

UA ranks 4th among PT’s foreign communities, with 79,232 Ukrainians as of 2024

59,015

under temporary protection in December 2025 (up from 23,930 in March 2022), of whom 71% are of working age — a labour market asset for a country facing demographic decline and shortages in healthcare, metalworking, and IT

€7 mln

PT’s FDI in Ukraine remains modest (€7 mln), concentrated in three companies — Metalogalva, Heliflex, and Fapomed

The 2024 security agreement (€126 mln in military support) and December 2025 Magura naval drone co-production deal mark a shift towards strategic defence-industrial partnership

Ukrainians in Portugal (thousands), 2025

Tighter co-operation potential

PT’s oilseed processing industry already relies on Ukrainian raw materials — deepening this into joint processing ventures is a natural next step.
Beyond agriculture, priority sectors where PT’s industrial capabilities complement UA’s recovery needs include defence, mechanical engineering, pharmaceuticals, renewable energy, and digitalisation.