Argentina and Portugal
Argentina and Portugal connect a historical relationship with cultural, scientific and environmental cooperation. A ministerial visit in May 2024 explored investment and the maritime economy and recalled Lisbon’s guest participation in Buenos Aires’ book fair.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
Diana Mondino met Paulo Rangel and economic authorities in Lisbon on 7 May 2024.
What merchandise trade shows
In 2025, goods trade between Argentina and Portugal totalled 318.4 million current USD.
Documented trade sectors
Within the selected chapters, meat and edible offal stands out in shipments from Argentina to Portugal, at 26.7 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 318.44 M USD | 2025 · Comtrade |
| Goods: Argentina to Portugal | 210.28 M USD | 2025 · Comtrade |
| Goods: Portugal to Argentina | 108.16 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Argentina to Portugal | 0.241 % | 2025 · Comtrade |
| Export share: Portugal to Argentina | ||
| Investment stock: Argentina in Portugal | ||
| Investment stock: Portugal in Argentina |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade · Goods; full calendar year; reporter ARG. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Argentina to Portugal
- 2025 · UN Comtrade · Goods; full calendar year; reporter ARG. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Portugal to Argentina
- 2025 · UN Comtrade · Goods; full calendar year; reporter ARG. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Argentina to Portugal
- 2025 · UN Comtrade · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
Year-on-year inflation: different periods or frequencies; the two figures are not directly comparable.
| Indicator | Argentina | Portugal |
|---|---|---|
| Nominal GDP | 683.1 billion USD2025 · WB | 346.64 billion USD2025 · WB |
| GDP per capita | 14,898.09 USD2025 · WB | 32,081.81 USD2025 · WB |
| GDP growth | 4.37 %2025 · WB | 1.86 %2025 · WB |
| Policy interest rate | No single rate · BCRA | 2.5 %2026-09-16 · BCE |
| Inflation · annual average | 41.9 %IMF est.Annual average · 2025 · IMF | 2.34 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 33.5 %Year-on-year · Aug. 2026 · INDEC | 3.6 %provisionalprovisionalYear-on-year · Sept. 2026 · INE PT |
| Unemployment | 7.15 %ILO est.2025 · WB | 6.16 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -0.4 %IMF est.2025 · IMF | 0.3 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 80.3 %IMF est.2025 · IMF | 89.9 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -1.11 %2025 · WB | 1.2 %IMF est.2025 · IMF |
| Population | 45,851,3782025 · WB | 10,804,871World Bank est.2025 · WB |
| Area | 2,780,400 km²2023 · BM / FAO | 92,230 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDArgentina: 2025 · World BankPortugal: 2025 · World Bank
- GDP per capita
- Current USD per personArgentina: 2025 · World BankPortugal: 2025 · World Bank
- GDP growth
- Annual real change (%)Argentina: 2025 · World BankPortugal: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)Argentina: The BCRA abandoned the concept of a single monetary-policy rate under the new monetary-aggregates framework. It is not replaced with TAMAR, BADLAR, court interest rates or the last historical rate. · Central Bank of the Argentine RepublicPortugal: 2026-09-16 · ECB: deposit facility; shared euro-area rate · European Central Bank
- Inflation · annual average
- Average annual change in headline CPI (%)Argentina: 2025 · Annual average change in headline CPI (%) · IMF — World Economic Outlook · IMF est. · WEO estimate; not the year-on-year change for December or August 2026. · Alternative official source; verified 2026-10-07Portugal: 2025 · Annual average change in the CPI (%) · World Bank
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedArgentina: 2026-08 · Change in headline CPI from the same month of the previous year (%) · Argentina INDEC · Published: 2026-09-10 · Original INDEC national report; replaces the previous link to its social-media publication without changing the value. Not the monthly change (1.7%) or cumulative change (21.3%).Portugal: 2026-09 · Change in headline CPI from the same month of the previous year (%) · Portugal INE · Published: 2026-09-30 · provisional · Provisional · National headline CPI, year-on-year, not monthly inflation or an annual average. Provisional data or an official advance release; subject to revision.
- Unemployment
- % of the labour force; definition used by the stated institutionArgentina: 2025 · World Bank · ILO est.Portugal: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)Argentina: 2025 · IMF — World Economic Outlook · IMF est.Portugal: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)Argentina: 2025 · IMF — World Economic Outlook · IMF est.Portugal: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPArgentina: 2025 · World BankPortugal: 2025 · IMF — World Economic Outlook · IMF est. · Current-account balance as a percentage of GDP; IMF WEO estimate for PRT.
- Population
- PeopleArgentina: 2025 · World BankPortugal: 2025 · World Bank · World Bank est. · Extrapolated estimate identified by the World Bank; not a census count for 2025.
- Area
- Total area in km²; territorial coverage of the sourceArgentina: 2023 · Total area, including inland waters; source's territorial coverage · World Bank · FAOPortugal: 2023 · Area according to the series' coverage; does not determine sovereignty or effective control · World Bank
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Argentina to Portugal
Portugal to Argentina
| Product or sector | Value / share |
|---|---|
| Vehicles and components | 27.2 M USD2025 · Source |
| Mineral fuels and oils | 15.3 M USD2025 · Source |
| Electrical and electronic equipment | 8.6 M USD2025 · Source |
| Machinery and mechanical appliances | 8.2 M USD2025 · Source |
| Pharmaceutical products | 1.6 M USD2025 · Source |
How trade has changed
Millions of current USD · full calendar years
View chart figures
| Period | Total | Argentina to Portugal | Portugal to Argentina |
|---|---|---|---|
| 2021 | 309.5 | 140.2 | 169.3 |
| 2022 | 389.2 | 181.2 | 208 |
| 2023 | 214 | 111.5 | 102.5 |
| 2024 | 231 | 146.4 | 84.6 |
| 2025 | 318.4 | 210.3 | 108.2 |
Connections between people
They recalled a relationship dating from 1821 and bilateral and triangular cooperation in technical, scientific, cultural and environmental areas. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Argentina living in Portugal | ||
| Residents from Portugal living in Argentina | ||
| Study and training: Argentina in Portugal | ||
| Study and training: Portugal in Argentina | ||
| Academic stays: Argentina in Portugal | ||
| Academic stays: Portugal in Argentina | ||
| Travel: Argentina to Portugal | ||
| Travel: Portugal to Argentina |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
Bilateral context
Diana Mondino met Paulo Rangel and economic authorities in Lisbon on 7 May 2024. They recalled a relationship dating from 1821 and bilateral and triangular cooperation in technical, scientific, cultural and environmental areas. [1]
The scale of both economies
Nominal GDP for Argentina is 683.1 billion USD (2025), compared with 346.6 for Portugal (2025). The reference populations are 45.85 and 10.8 million, respectively. In the same year, the economy of Argentina was 1.97 times that of Portugal in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [5] [6]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
Both promoted concluding Mercosur–EU negotiations, still pending at that date. Mondino presented Argentine reforms to IPDAL and Portuguese businesses, without announcing contracted investments. She also met Carlos Moedas and reviewed Lisbon’s participation as guest city at Buenos Aires’ international book fair, with writers and artists. They addressed innovation and the maritime economy. Discussions on the OECD and closer NATO ties concern Argentine processes and objectives in 2024, not memberships already acquired. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Argentina and Portugal) totalled 318.4 million current USD. Shipments from the first to the second were 210.3 million; those in the opposite direction, 108.2 million. The difference between the two flows was 102.1 million, in favour of Argentina. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Argentina to the partner represented 0.241% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Five years of trade trends
The consistent series shows 309.5 million USD in 2021 and 318.4 million in 2025. The change between the two endpoints was +2.9 % in current dollars. The highest annual value in the period was recorded in 2022, at 389.2 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [3]
Documented trade sectors
Within the selected chapters, meat and edible offal stands out in shipments from Argentina to Portugal, at 26.7 million USD in 2025. Within the selected chapters, vehicles and components stands out in shipments from Portugal to Argentina, at 27.2 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [4]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — ARG-PRT
cancilleria.gob.ar · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.