{"id":1265,"date":"2020-09-26T14:28:16","date_gmt":"2020-09-26T14:28:16","guid":{"rendered":"https:\/\/www.goodada.com\/blog\/?p=1265"},"modified":"2020-10-30T14:55:46","modified_gmt":"2020-10-30T14:55:46","slug":"trade-with-portugal","status":"publish","type":"post","link":"https:\/\/www.goodada.com\/blog\/trade-with-portugal\/","title":{"rendered":"Trade with Portugal – Market Overview"},"content":{"rendered":"

Trade with Portugal – Overview<\/strong><\/span><\/h2>\n

Trade with Portugal – Portugal is a member of the European Union (EU). In terms of GDP, Portugal is the European Union\u2019s 15th<\/sup> largest economy. However, it holds a unique place with the European Union as it is a gateway into the EU and other countries around the world, which were former Portuguese colonies. These counties include Macau, Mozambique, Angola, and Brazil. Portugal is considered one \u201cMediterranean Countries\u201d within the European bloc.<\/p>\n

In 2019, the Portuguese economy was ranked as the 49th<\/sup> largest economy in the world, according to the World Bank<\/a>.<\/p>\n

Portugal is the oldest nation-state on the Iberian Peninsula and one of the oldest in Europe. Portugal is a democratic republic with legislative, presidential, government, and judicial structures. Portugal is ranked at 39th<\/sup> place by the World Bank<\/a> on its ease of doing business rankings. This ranking is behind Rwanda and ahead of Poland.<\/p>\n

Portugal’s population is 10.3 million people, with 24.5% of the population under 25 years of age (source\u00a0cia.gov<\/a>).<\/p>\n

As a European Union member, international trade deals with Portugal will be trade deals with the European Union. \u00a0It is a mid-ranking market within the European Union and accounts for 1.5% of the European Union\u2019s GDP in 2019 (source: Eurostat<\/a>)<\/p>\n

Trade with Portugal – Business culture<\/strong><\/span><\/h3>\n

Portuguese is the language of Portugal and is the ninth most spoken language in the world.<\/p>\n

It is common in Portugal to initially focus on establishing and developing a personal relationship with any potential business partner. The Portuguese prefer to work with someone they know well, whom they respect, and whom they trust. It is essential to have face to face meetings.<\/p>\n

Extended lunches and restaurant dinners are part of the typical working day in Portugal.<\/p>\n

Unlike their Mediterranean cousins, the Portuguese are not prone to dramatic scenes or emotional outbursts.<\/p>\n

The Portuguese are comprehensive and have an eye for detail, which makes them careful and considerate planners. Long-term and short-term influences and developments are taken into account while establishing long-term relationships with clients, suppliers, partners, etc. is among most business peoples’ primary objectives.<\/p>\n

The Portuguese adopt a relaxed approach when it comes to timekeeping. Business appointments should be made about two weeks in advance, and it is advisable to re-confirm them a couple of days before the meeting.<\/p>\n

Business contacts are generally not addressed on a first-name basis in the initial contact. Titles are widely used (e.g., Dr, Prof) in meetings, interviews, and correspondence.<\/p>\n

Dress is formal but fashionable.<\/p>\n

Business cards are exchanged quite soon after the commencement of a meeting.<\/p>\n

Setting up in Portugal<\/strong><\/span><\/h3>\n

Portugal Global – Trade & Investment Agency (AICEP)<\/a> is a government agency that helps companies set up, trade-in, and source from Portugal.<\/p>\n

Firms wishing to enter into the Portuguese market have a variety of options, including:<\/p>\n