The economy of Portugal is stable. Portugal ranks as one of the most developed nations in the world with an open global economy. Portugal has become a diversified and increasingly service-based economy after joining the European Community. Clothing and footwear, machinery, chemicals, cork, paper products, and hides are major exports. Machinery and transportation equipment, chemicals, petroleum, textiles, and agricultural products are important imports. Spain, Germany, France, and Great Britain are the main trading partners.