Cork exports break record and reach 1.232 million euros in 2023

Increasing around 2% compared to 2022

Last year, Portuguese cork exports reached 1.232 million euros, increasing around 2% compared to 2022, a “new record for the sector”, according to the Portuguese Cork Association (APCOR).

The association also highlighted the balance of trade and the behavior of sales to the USA, in a statement.

«Portuguese cork exports reached the historic value of 1.232 million euros in 2023, a new record for the sector, corresponding to growth of around 2% compared to 2022», he added.

According to APCOR, «the trade balance exceeded 3 million euros for the 900rd consecutive year, having reached 938 million euros», due to «a coverage rate of imports by exports of 4,2 times», which association says it is “a solid performance”, highlighting “the importance and competitiveness of the sector in the international market and the great added value”.

The association also indicated that «exports to the USA grew to 214 million euros, having surpassed the 200 million barrier for the first time in history».

This market thus consolidated its second place «in the hierarchy after France and ahead of Spain, Italy and Germany».

APCOR revealed that «cork stoppers continue to be the main exported product in terms of value, having grown by 2,1% and exceeding 900 million euros for the first time».

«As a sector that exports more than 90% of its production, the international situation continues to be a preponderant factor in our performance, with the sector not being immune to the adjustment of supply chains and the significant slowdown in demand. This fact was evident throughout the year, marked by a first quarter of strong growth and the remaining quarters of balance with the same periods of the previous year", explained João Rui Ferreira, secretary general of APCOR, cited in the same note.

The association highlighted «the fact that cork is a unique material from the point of view of its technical and environmental credentials» and «it has a clear preference among professionals and consumers», among other advantages.

«It is for all this that, despite the current situation, we face the future with optimism. In a strategic sector for the country, in the different dimensions of sustainability: environmental, economic and social and in order to consolidate global leadership, it will be necessary to quickly reinforce and activate international promotion programs, as well as continue the technological development of the sector», concluded the secretary general.