Portuguese exports to the four Mercosur countries amount to just 1.3% of the country’s total, with Brazil alone representing 95% of that small share. With a market of nearly 300 million people, Portuguese business leaders view the bloc as largely unexplored terrain offering significant scope for export diversification, new investments and deeper trade ties — particularly beyond Brazil — but realising this opportunity will require targeted commercial strategies and stronger economic engagement across Mercosur members.