The Association of Manufacturers for the Automotive Industry (AFIA) revealed that automotive component exports reached €1217 million euros in November 2023, registering an increase of 11% compared to the same month in 2022.
According to data collected by AFIA, this growth “represents a double-digit increase for the nineteenth consecutive month. Considering these results, the automotive component industry continues to remain one of the driving forces behind Portugal’s economic growth, positioning itself in contrast to the downward trend of national goods exports, which have been decreasing since March, presenting a negative variation of 1.5% in November”.
In the cumulative period until November, automotive component exports exceeded €11,700 million euros, representing an increase of 15.2% compared to the same period in 2022. AFIA estimates a 14% growth compared to the previous year for the year 2023.
Regarding the share of automotive component exports by region in 2023, it is worth noting that Europe accounts for 89.4% of purchases made from January to November, with an increase of 17.4% compared to the same period in 2022.
Spain continues to be the main destination for automotive components manufactured in Portugal, representing 27.8% of exports, followed by Germany with 22.5%. France closes the podium with a 10.6% share.
Analyzing the top 15 markets for Portuguese automotive component exports, it can be concluded that there is an increase in exports to fourteen out of fifteen countries, with the United States of America once again being the only one to show a decrease of 13.6% in the 22/23 variation.
“It is worth noting that the automotive component industry, despite facing challenges and scenarios that continue to affect companies and suppliers, both nationally and internationally, has found ways to maintain its competitiveness, showing itself to be an extremely resilient and highly adaptable sector,” adds the AFIA statement.
