Portugal is rapidly on the rise as an important manufacturer and distributor of high quality goods for the fashion, beauty and food industries.
The country now ranks second to fashion powerhouse Italy, when it comes to leather and shoe production and its factories and trade ports are bustling with Portuguese products, going out to countries around the world.
Cheese, wine, olive oil, ceramic tiles and shoes are Portugal’s latest hits, with its footwear now the second most expensive in the world due to its high quality, innovative design and the brands behind them consistently aiming for global status. Shoe exports alone actually increased by 8% in 2013, accumulating more than €1.7bn in overseas sales and putting Portugal on the map.
However, it’s not just shoes that have dominated Portugal’s product market, its wine has taken on a force of its own with exports to the UK growing by 10% in 2014 alone, according to winemaker ViniPortugal. The country now claims to be the UK’s tenth largest wine supplier with a market share value of 1.2% – which also confirms that we Brits really do enjoy a drink.
With this growing popularity of products ‘made in Portugal’, the country has been labelled the new rising star of the Eurozone, purely through its exports. The local leather shoe industry saw 114,387,000 pairs of footwear exported, an increase of 213%, and a significant boost to Europe’s economic status.
The Eurozone’s economy itself grew by 0.3% in the last quarter with Germany unexpectedly driving this growth after a shaky year or so and Portugal’s ‘made in’ products also contributed as the country’s GDP (Gross Domestic Product) increased by 0.5% in the fourth quarter of 2014 alone – Gross Domestic Product refers to the monetary value of all finished goods and services, produced within a country in a certain time period.
Investor confidence is also increasing in the country, as more Chinese businesses look to jump on the lucrative ‘made in Portugal’ bandwagon, using the country’s Golden Visas scheme that is providing another boost to the economy.
The Golden Visa allows non-European citizens the opportunity to travel the Schengen Area (an area in 26 European countries where passport and immigration controls have been eliminated to allow business people to travel freely) and work or study in the country. However to qualify they must acquire real estate with a value equal or higher than €500,000, which ensures investments are being made in the country.
Made in Portugal products is also encouraging more tourism as people travel to seek authentic Portuguese goods, which is probably why so many holidaymakers are now flocking to the country to snap up homes before they accelerate in price, to take advantage of Portugal’s new prosperity in the Eurozone. Property experts, such as Portugal Property, will see an influx of queries and resurgence in the market will only boost the country’s Eurozone triumphing status.
With these points in mind, it’s clear to see that the success of products and services that are ‘made in Portugal’ is most definitely on the rise and the country is reaping this rewards from its success as we also continue to enjoy its exports.