portugal trade history

Wine and dried fruits from the Algarve (figs, grapes, and almonds) were sold in Flanders and England, salt from Setúbal and Aveiro was a profitable export to northern Europe, and leather and kermes, a scarlet dye, were also exported. [28] There was a very small market for African slaves as domestic workers in Europe, and as workers on the sugar plantations of the Mediterranean and later Madeira. The first governor general of Brazil arrived in 1549 and headquartered himself at Bahia (today known as Salvador). Significantly, the combined deficit of the nonfinancial public enterprises fell to below 2 percent of GDP on average in 1987–88 from 8 percent of GDP in 1985–86. [citation needed]. Yosaburō Takekoshi, "The Economic Aspects of the History of the Civilization of Japan". Simultaneously, the increasing complexity of a growing economy brought new technical and organizational challenges, stimulating the formation of modern professional and management teams. Political chaos and economic problems endured from the last years of the monarchy to the first Republic of 1910–1926, which led to the installing of a national dictatorship in 1926. As economist Valentim Xavier Pintado observed, "Behind the facade of an aged Salazar, Portugal knew deep and lasting changes during the 1960s. [70][71][72] Portuguese GDP per head has fallen from just over 80% of the EU 25 average in 1999 to just over 70% in 2007. Meanwhile, exports edged down 0.4 percent to EUR 4.972 billion, mainly due to fuels and lubricants. Escalating interest payments on the public debt, from less than half a percent of GDP in 1973 to 8.2 percent of GDP in 1990, were the result of both a rise in the debt itself and higher real effective interest rates. [26] Trade in sub-Saharan Africa was controlled by Muslims, who controlled trans-Saharan trade routes for salt, kola, textiles, fish, and grain, and engaged in the Arab slave trade.[27]. The Navigation Act initiated a rapid change in that pattern. As a result of the slightly worse economic circumstances, the country has been given one more year to reduce the budget deficit to a level below 3% of GDP, meaning that the target year was moved from 2013 to 2014. The Portuguese colonists adopted an economy based on the production of agricultural goods that were exported to Europe. Average family purchasing power was rising together with new consumption patterns and trends and this was promoting both investment in new capital equipment and consumption expenditure for durable and nondurable consumer goods. Public expenditure rose to unsustainable levels and the number of public servants, which had been on the rise since the 1974 Carnation Revolution, reached unprecedented proportions. In many instances, managers of public firms were less able than their private-sector counterparts to resist strong wage demands from militant unions. [43] Despite its vast colonial possessions, Portugal's economy declined relative to other advanced European economies from the 17th century and onward, which the study attributes to the domestic conditions of the Portuguese economy.[43]. The Portuguese presence in Guinea was largely limited to the port of Bissau. By 1500, the Portuguese had transported approximately 81,000 slaves to these various markets,[29] and the proportion of imported slaves in Madeira reached 10% of the total population by the 16th century. Only a handful of wholly owned or majority owned state entities existed; these included the post office (CTT), two of three telecommunications companies (CTT and TLP), the armaments industry, and the ports, as well as the National Development Bank and Caixa Geral de Depósitos, the largest savings bank. In 1991, proceeds from privatization were expected to amount to 2.5 percent of GDP. More important, however, was the shift in government policy. According to the Eurostat it had the sixth-lowest purchasing power of the 27 member states of the European Union for the period 2005–2007. The largest producer of the entire Roman Empire was in Tróia Peninsula, near modern Setúbal, south of Lisbon. Among the stated objectives of privatization were to modernize economic units, increase their competitiveness, and contribute to sectoral restructuring; to reduce the role of the state in the economy; to contribute to the development of capital markets; and to widen the participation of Portuguese citizens in the ownership of enterprises, giving particular attention to the workers of the enterprises and to small shareholders. He encouraged the discovery and exploitation of sulphur, silver, tin, and iron mines, and organized for the export of surplus production to other European countries. The Portuguese economy had changed significantly by 1973, compared with its position in 1961. Touring Gorée Island, an infamous departure point for slave ships, he said Portugal had recognized the “injustice of slavery” when it introduced limited abolitionist laws in 1760s. Two years after the military coup, the enlarged public sector accounted for 47 percent of the country's gross fixed capital formation (GFCF), 30 percent of total value added (VA), and 24 percent of employment. This was confirmed by the substantial increase in the foreign investment component in projected capital formation between the first (1953–58) and second (1959–64) economic development plans; the first plan called for a foreign investment component of less than 6 percent, but the latter envisioned a 25 percent contribution. Portugal remains economically weak, however, agriculturally undeveloped and dependent on British grain and trade goods generally, especially woven cloth. Because bank officials were often members of the boards of directors of borrowing firms in whose stock the banks participated, the influence of the large banks extended to a host of commercial, industrial, and service enterprises. [2][3] Portuguese territorial claims in Africa were challenged during the Scramble for Africa. Portugal is home to a number of major companies with international reputation such as Grupo Portucel Soporcel, a major world player in the international paper market, Sonae Indústria, the largest producer of wood-based panels in the world, Corticeira Amorim, the world leader in cork production, and Conservas Ramirez, the oldest canned fish producer in continuous operation. The first official visit of Fernão Pires de Andrade to Guangzhou (1517–1518) was fairly successful, and the local Chinese authorities allowed the embassy led by Tomé Pires, brought by de Andrade's flotilla, to proceed to Beijing. The combined forces of Portugal, Aragon and Castile defeated the last Iberian Muslim strongholds in the 15th century. Portugal and the WTO. [6][7] After nearly a decade of economic troubles, during which Portugal received two IMF-monitored bailouts, in 1986 the country entered the European Economic Community (and left the EFTA). In 1341, the Canary Islands were officially discovered under the patronage of the Portuguese king, but in 1344 Castile disputed them, further propelling the development of the Portuguese navy.[23]. The result was stagflation, a combination of economic growth stagnation and inflation. Although the nationalizations broke up the concentration of economic power that had been held by financial-industrial groups, the subsequent merger of several private firms into single publicly owned enterprises left domestic markets even more monopolized. This new sea route around the Cape of Good Hope was firmly secured for Portugal by the activities of Afonso de Albuquerque, who was appointed the Portuguese viceroy of India in 1508. The short-term impact of these major investments was exhausted by the end of the first decade of the 21st century, and the aim of achieving faster economic growth and the improvement of the population's purchasing power in relation to the EU average did not materialize. At first, the Portuguese dominated the spice trade. In 1989 the borrowing requirements of those enterprises fell further to 1 percent of GDP. DBRS's credit rating for Portugal is BBB (high) with stable outlook. The last years of the Salazar era witnessed the creation of important privately organized ventures, including an integrated iron and steel mill, a modern ship repair and shipbuilding complex, vehicle assembly plants, oil refineries, petrochemical plants, pulp and paper mills, and electronic plants. [4], The radical nationalization-expropriation measures in the mid-1970s were initially accompanied by a policy-induced redistribution of national income from property owners, entrepreneurs, and private managers and professionals to industrial and agricultural workers. Portugal emerged as a country in 1143, after a 15 year rebellion by Dom Afonso Henriques (Afonso I). Subsistence agriculture was replaced by large farming units (Roman villas) producing olive oil, cereals, and wine, and rearing livestock. [4], In 1958, when the Portuguese government announced the 1959–64 Six-Year Plan for National Development, a decision had been reached to accelerate the country's rate of economic growth, a decision whose urgency grew with the outbreak of guerrilla warfare in Angola in 1961 and in Portugal's other African territories thereafter. For a brief period in the 1790s, the British attempted to establish a rival foothold on an offshore island, at Bolama. In 1139, the Kingdom of Portugal achieved independence from the Kingdom of León, having doubled its area through the Reconquista (the reconquest of former Christian lands to the Muslim rulers established in the Iberian Peninsula) under Afonso Henriques, first King of Portugal. [19] He distributed land, promoted agriculture, organized communities of farmers and took a personal interest in the development of exports, founding and regulating regular markets in a number of towns. After traditional land routes to India had been closed by the Ottoman Turks, Portugal hoped to use the sea route pioneered by Gama to break the Venetian trading monopoly. Expansion of the public sector since the revolution was particularly apparent in heavy manufacturing, in public services including electricity, gas, transport, and communications, and in banking and insurance. The services sector's share in GDP remained constant at 39.4 percent. The narrowing of the government deficit since the mid-1980s and the associated easing of the borrowing requirement was caused both by a small increase in the share of receipts (by two percentage points) and the relatively sharper contraction of current subsidies, from 7.6 percent of GDP in 1984 to 1.5 percent of GDP in 1990. Jesuit missionaries, such as the Basque Francis Xavier, followed the Portuguese to spread Roman Catholicism to Asia, with mixed results. Fitch's credit rating for Portugal was last reported at BBB with stable outlook. Portugal trade deficit narrowed to EUR 1.088 billion in September of 2020 from EUR 1.73 billion a year earlier as imports continue to fall although it was the smallest decline in seven months. "[4], The liberalization of the Portuguese economy continued under Salazar's successor, Prime Minister Marcello José das Neves Caetano (1968–74), whose administration abolished industrial licensing requirements for firms in most sectors and in 1972 signed a free trade agreement with the newly enlarged EC. As the second half of the fifteenth century unfolded, Portugal created a complex trade structure connecting India and the African coast to Portugal and, then, to the north of Europe. Related to the notable economic development that was seen in Portugal from the 1960s to the early 21st century (with an abrupt but short-lived halt after 1974), the development of tourism, which allowed increased exposure for national cultural heritage, particularly in regards to architecture and local cuisine, improved further. This so-called public non-financial enterprise group included the Institute of State Participation, a holding company with investments in some seventy subsidiary enterprises; a number of state-owned entities manufacturing or selling goods and services grouped with nationalized enterprises for national accounts purposes (arms, agriculture, and public infrastructure such as ports); and a large number of over 50 percent EPNF-owned subsidiaries operating under private law. The economic history of Portugal covers the development of the economy throughout the course of Portuguese history. By the early 1970s, while the counterinsurgency war was won in Angola, it was less than satisfactorily contained in Mozambique and dangerously stalemated in Portuguese Guinea from the Portuguese point of view, so the Portuguese Government decided to create sustainability policies in order to allow continuous sources of financing for the war effort in the long run. Before the arrival of Romans in Iberia, the peninsula had a rural-based subsistence economy with very limited trade, with the exception of large cities on the Mediterranean coast, which had contact with Greek and Phoenician traders. Its Marxist character, which lasted until the 1982 and 1989 revisions, was revealed in a number of its articles, which pointed to a "classless society" and the "socialization of the means of production" and proclaimed all nationalizations made after 25 April 1974, as "irreversible conquests of the working classes". The IMF recommended working on solving these problems for Portugal to be able to attract more private investment. With the nationalization and amalgamation of the three tobacco firms under Tabaqueira, the state gained complete control of this industry. To promote settlement, the Sesmarias law was issued in 1375, expropriating vacant lands and leasing it to unemployed cultivators, without great effect: by the end of the century, Portugal faced food shortages, having to import wheat from north Africa. About 80,000 British citizens live and work in Portugal for some of the year. Beginning with that year, the long-term capital account typically registered a deficit, the counterpart of the current account surplus. Lusitania developed, driven by an intensive mining industry; fields explored included the Aljustrel mines (Vipasca), São Domingos, and Riotinto in the Iberian Pyrite Belt, which extended to Seville, and contained copper, silver, and gold. The Portugal Trade: A study of Anglo-Portugeuse Commerce 1700-1770 (Economic History (Routledge)) eBook: Fisher, H.E.S: Amazon.co.uk: Kindle Store Four large companies were integrated to form the national oil company, Petróleos de Portugal (Petrogal). Portugal - Portugal - Control of the sea trade: In 1505 Francisco de Almeida arrived as viceroy of India and supported the ruler of Cochin against the zamorin (Hindu ruler) of Calicut. [20], Agriculture was Portugal's main activity, with produce mostly consumed internally. The control of sea trade, the chief source of Portuguese wealth in the East, was assured by the defeat of Muslim naval forces off Diu in 1509. Starting in the early-1960s, Portugal entered in a period of robust economic growth and structural modernisation, owing to a liberalisation of the economy. The government was concerned about the strength of foreign investment in privatizations and wanted to reserve the right to veto some transactions. [citation needed], In the summer of 2010, Moody's Investors Service reduced Portugal's sovereign bond rating and this led to increased pressure on Portuguese government bonds. Portugal experienced a strong recovery in a few decades after the leftist turmoil of 1974, the ultimate loss of its overseas empire in 1975, and the adhesion to the European Economic Community in 1986. ", Nunes, Ana Bela, Eugenia Mata, and Nuno Valério. To be completed. [21], In the second half of the 14th century, outbreaks of bubonic plague led to severe depopulation: the economy was extremely localized in a few towns, and migration from the country led to land being abandoned to agriculture and resulted in rises in rural unemployment. Economically, the Estado Novo regime maintained a policy of corporatism that resulted in the placement of a big part of the Portuguese economy in the hands of a number of strong conglomerates, including those founded by the families of António Champalimaud (Banco Totta & Açores, Banco Pinto & Sotto Mayor, Secil, Cimpor), José Manuel de Mello (CUF – Companhia União Fabril), Américo Amorim (Corticeira Amorim) and the dos Santos family (Jerónimo Martins). Although the military-led coup returned democracy to Portugal, ending the unpopular Colonial War where thousands of Portuguese soldiers had been conscripted into military service, and replacing the authoritarian Estado Novo (New State) regime and its secret police which repressed elemental civil liberties and political freedoms, it also paved the way for the end of Portugal as an intercontinental empire and an intermediate emerging power. [92] The unpopular and controversial measures pursued by the Conservative government of Pedro Passos Coelho (some openly exceeding what was requested by the Memorandum of Understanding with the Troika, such as widespread privatisations, flexibilization of labor laws or the elimination of public holidays)[93] made political analyst Miguel Sousa Tavares to coin the term "right-wing PREC" (PREC de direita) in a comparison with the controversial measures taken in 1975 by the Communist-backed government of Vasco Gonçalves which led to a significant fall in the Portuguese economy and standards of living following the 25 de Abril revolution. The Estado Novo regime economic policy encouraged and created conditions for the formation of large and successful business conglomerates. The fourteen private electric power enterprises were joined into a single power generation and transmission monopoly, Electricidade de Portugal (EDP). By 1979, the number of domestic commercial banks was reduced from 15 to 9. The 1976 parliamentary and presidential elections allowed Mário Soares to become Prime Minister and General Ramalho Eanes (who played an essential role in defeating the 25 November 1975 coup attempt) to become President of Portugal. State operations faced considerable uncertainty as to the goals of public enterprises, with negative implications for decision making, often at odds with market criteria. Slaves were the most common merchandise in the Portuguese-dominated opening period of the seaborne trade between Europe and Africa, relatively little conclusive information is available on their overall numbers. Trade between Elmina and Portugal grew throughout a decade. The Portuguese Colony of Sacramento was established on the River Plate in 1680, provoking a century of Spanish-Portuguese border conflicts in what is now Uruguay. Portugal then became the world's main economic power during the Renaissance, introducing most of Africa and the East to European society, and establishing a multi-continental trading system extending from Japan to Brazil. The contribution of agriculture, forestry, and fishing as a share of total production continued its inexorable decline, to 6.1 percent from 12.2 percent in 1973. Preliminary estimates indicated that part of the observed increase in direct tax revenue in 1989–90 was of a permanent nature, the consequence of a redefinition of taxable income, a reduction in allowed deductions, and the termination of most fiscal benefits for corporations. The economic strength of Portuguese Brazil derived at first from sugar plantations in the north, established as early as the 1530s by one of the two successful donatários. Indigenous peoples paid tribute to Rome through an intricate web of alliances and allegiances. By the early 1970s, Portugal's fast economic growth with increasing consumption and purchase of new automobiles set the priority for improvements in transportation. With the decline of the Roman Empire, circa 410–418, Suebi and Visigoths took over the power vacuum left by Roman administrators and established themselves as nobility, with some degree of centralized power at their capitals in Braga and Toledo. Fiscal imprudence and accelerating inflation gave way to massive capital flight, crippling domestic investment. He sent ambassadors to European kingdoms outside the Iberian Peninsula to begin commercial relations. [59] Heavy industry came to an abrupt halt. Restoration began in 1978. Tax reform—comprising both direct and indirect taxation—was a major element in a more comprehensive effort to modernize the economy in the late 1980s. In addition to trading posts, Portugal established colonies on previously uninhabited Atlantic African islands that would later serve as collection points for captives and commodities to be shipped to Iberia, and eventually to the Americas. Instead, President Óscar Fragoso Carmona invited António de Oliveira Salazar to head the Ministry of Finance, and the latter agreed to accept the position provided he would have veto power over all fiscal expenditures. Total output (GDP at factor cost) grew by 120 percent in real terms. Salazar and his policy advisers recognized that additional military expenditure needs, as well as increased transfers of official investment to the "overseas provinces", could only be met by a sharp rise in the country's productive capacity. In 1570, after an agreement between Jesuits and a local daimyō, the Portuguese were granted a Japanese port where they founded the city of Nagasaki,[37] thus creating a trading center which for many years was Japan's main gateway to the world. Hodder, Some Comments on the Origins of Traditional Markets in Africa South of the Sahara – Transactions of the Institute of British Geographers, 1965 – JSTOR, Transformations in Slavery by Paul E. Lovejoy – Cambridge University Press, 2000, H. Miner, The City in Modern Africa – 1967. Moderates eventually reconquered influence in the government after mid-1975: Prime Minister Vasco Gonçalves was sacked in September (replaced by moderate Pinheiro de Azevedo) and the radical factions eventually lost most of their influence after carrying a failed coup on 25 November 1975. It was not until they reached the Kingdom of Kongo's coast in the 1480s that they exceeded Muslim trading territory. and corporate headquarters located in mainland Portugal, but also with branches, plants and several developing business projects all around the Portuguese Empire, specially in the Portuguese territories of Angola and Mozambique. Under the agreement, which took effect at the beginning of 1973, Portugal was given until 1980 to abolish its restrictions on most community goods and until 1985 on certain sensitive products amounting to some 10 percent of the EC's total exports to Portugal. Portugal has been a WTO member since 1 January 1995 and a member of GATT since 6 May 1962. Later, this monopoly would be enforced by the Papal bulls Dum Diversas (1452) and Romanus Pontifex (1455), granting Portugal the trade monopoly for the newly discovered lands. Fontoura, Paula, and Nuno Valério. As in Guinea, the slave trade became the basis of the local economy, with raids carried ever further inland by local natives to gain captives. Exports went down 7.3 percent year-on-year to EUR 5 billion, marking the fifth straight decline. [82], Following the government's decision, the role of Banco de Portugal (BdP) (Portuguese Central Bank) in the regulation and supervision of the Portuguese banking system while it was under the leadership of Vítor Constâncio—from 2000 to 2010—has been a fiercely debated subject; especially in regard to whether Constâncio and the BdP had the means to take action or whether they displayed gross incompetence. Notwithstanding their public status, the remaining banks competed with each other and retained their individual identities and policies. 'S balance of international payments altered substantially 's duties on imports from its overseas territories were also discovered in economy! 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