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The eighteenth century was a period of many great power wars and competition for colonies. However, despite the turmoil, smaller nations were able to carve their niches in the international trade of the period. Examination of new sources, used in a comparative fashion, indicates that bilateral trade still has much to offer for the analysis of international trade history. The pattern of bilateral trade between Sweden and Portugal indicates that they were not equally dependent on that trade, and that the products traded varied over time. Usually bulk commodities dominated this trade, as each country focused on its core competencies. Overall, the volume of trade and the number of ships traveling to each nation tended to grow over time, although this growth was not very even. The French Revolutionary and Napoleonic conflicts were a time of difficulties for both states, given their involvement in wars. While the overall effects of warfare are typically quite negative, these years offered opportunities for smaller states too, until they had to adjust to the intense competition of nineteenth century globalization.