Adapted only slightly my old answer:

Portuguese upon their arrival in 1499, in their early presence quickly evaluated the markets they encountered and decided the best items to sell were metals of which most important was copper, but also included tin, lead. Copper came either in form of ignots or sometimes finished products like bowls, plates, brassware which could either be used as it came, or could be melted for its copper material that could be then recast to local preference. Other metallic items of low value were carried, like scissors, knives, bells, but those were more interesting to comparatively less connected African locations then the melting pots of Indian cities.

Coins of gold and silver were also a staple trade item, coming closely in value and volume to copper which -again -was the number one. Corals were also very popular and valuable in certain places. Additionally, there were small scale attempts to export textiles, together with dyes for textiles. Dyes in modest volumes found its place on the market, but the finished clothing items were considered by locals to be too expensive, especially compared to their quality which didn't really impress the Asian market built on cotton and silk.

Most of the items I listed were products from Europe that were anyway reaching to the East through Venetian-Egypt transfer route which dominated the East-West trade before the rounding of Africa.

 

Here are some tables I have on hand of various ships cargos of Portuguese in the early 16th century. The tables are screenshot from K.S. Mathews Commodity composition of the Indo-Portuguse trade in the early sixteenth century

Analyzing other items recorded being sold by Portuguese, like gold, ivory, slaves, aren't actually coming from Europe itself but from various places Portuguese established their presence, like Guinea coast in West Africa and Swahili cities of East Africa. Those were items already well established in the market of Indian ocean and Portuguese muscled their way to controlling those trades by capturing key ports. They've done similar things to horse trade from Persian gulf to India by capturing Ormuz and Goa, and to various items of the East (like Chinese goods, spices) by conquering Malacca, then the major center of trade between Indian Ocean and South China Sea.

 

It is worth note that as Portuguese were bringing massive volumes of pepper and spices back, and sending comparatively little in weight products east, a lot of their ships were carrying supplies, mostly military and weapons for their Empire there as there was a constant need for Crown to send supplies to the East to keep the empire running.

The ships were additionally overcrowded with people, in large part soldiers sent officially on three year mandates to the East, and some just emigrants who had to pay for their way there. by the end of 16th century numbers of troops and passangers East dropped significantly as more people were emigrating to Brazil, which was a safer and shorter voyage and by that time established itself as a secure and more lucrative destination

 

In addition to the information on Portuguese trade, we have information on what did Magellan's ship carry in their attempt to reach the Spice islands by western route. Despite his mission being exploratory (and as such had less commercial nature) they brought along large numbers of items to trade with natives, some for South America some for when they reach the Moluccas. And those were very representative of the items Portuguese were carrying

Here is the list collected in The life of Ferdinand Magellan, and the first circumnavigation of the globe. 1480-1521 by Hill:

20 quintals of quicksilver.
30 do. vermilion.
100 do. alum.
30 pieces valuable coloured cloth at 4000 ms. per piece.
20 lbs. of saffron.
3 pieces " veintenes," ^ silver, red, and yellow. (Pieces of cloth containing 2000 threads to the warp. )
1 piece Valencia stuff.
10 quintals of ivory.
2 pieces of coloured velvets.
200 common red caps.
200 coloured kerchiefs.
10,000 fish-hooks.
1000 maravedis- worth of combs.
200 quintals of lump copper.
2000 brass bracelets.
2000 copper do.
10,000 bundles of yellow matamundo (?).
200 small brass basins of two sorts.
2 dozen large basins.
20,000 small bells of three kinds.
400 dozens of German knives of the commonest kind.
40 pieces of coloured buckram.
50 dozen scissors.
900 small looking-glasses, and 100 larger size.
100 quintals of lead.
500 lbs. of crystals, which are diamonds of all colours.

As we see, there is abundance of different stuff. Some metals ( copper..) and textiles (red caps, kerchiefs, velvets) and dying stuff (vermilion, alum, etc) and lot's of small trinkets (fishing hooks, bells, combs, bracelets, knives, scissors, eye-glasses) that proved very popular in the Americas, Africa and smaller islands of Pacific and East Indies but which were somewhat useless in developed markets of India.

The items listed here were mostly intended as samples to be given or shown to locals (especially if they ran into Cathay/China) to show what future trade can bring if they would accept this trade, so the quantities are low to what a usual trade ship would carry.