The Portuguese textile industry should take advantage of the recovery to fulfill – in the European markets – a large part of the imports so far originating from non-EU countries. The recommendation, as an incentive, comes from a study by the Strategy and Studies Office (GEE) of the Portuguese Ministry of Economy, which by the excellent positioning of Portuguese companies, determines that “Portugal has the greatest comparative advantage in the European Union”, pointing to a market that represents more than 40 billion euros.
Activities in which Portugal has a clear competitive advantage over European competitors, and can therefore more easily capture opportunities for increased demand in EU markets, replacing suppliers from outside the EU.
In the case of textiles, the study states that the EU market already absorbs about half of the Portuguese exports, and that in this sector “Portugal has the greatest comparative advantage in the European Union. In the short-term, it can seize the opportunity to supply non-specialized Community markets, replacing the respective non-EU suppliers”.
The study also highlights that, within the EU, Portugal is the fifth largest exporter in value – after Italy, Spain, Germany and France –, and that the set of potential customers in the intra-Community market, comprising 22 countries, so far bought around 42 billion euros from non-community countries. In other words, “a value almost 15 times higher than Portuguese exports”.