Trading Partner Portal: Portugal
Portugal is on the border of Southwestern Europe on the coast of the North Atlantic Ocean. Portugal is classified as a high income country with a population of 10.35 billion people and a gross domestic product (GDP) of $198.9 billion. The country has developed a strong service market based economy that accounts for approximately 76% of its GDP. Similar to other European countries, a great deal of Portugal’s trade is within Europe and surrounding countries; however, the United States is Portugal’s sixth largest export destination. World Bank, CIA
Portugal is the 76th largest export destination for the United States. In 2016, the US exports totaled of $948 million of goods. Nearly a quarter of those exports to Portugal were transportation equipment, with a value of roughly $251 million. The US also exported around $122 million of oil and gas, and $88 million of agricultural products. US imports from Portugal totaled $3.2 billion worth of goods from Portugal in 2016. 18.3% of those goods were petroleum and coal products, and were worth $586 million. The next two leading imports were chemicals at $583 million and apparel manufacturing with a value of $212 million. US Department of Commerce
Portugal- California Trade
In 2016, California was the fourth largest US state exporter to Portugal, exporting $60 million of goods. Almost a quarter of those goods were computer and electronic products, with a total value of $13.7 million. The second leading export from California to Portugal was agricultural products, which total $10.5 million and accounted for 17.4% of total exports to Portugal from California. Other major exports included wood products and transportation equipment. Not only is California the fourth largest exporter to Portugal, but is also the second largest importer of goods from Portugal into the US. In 2016, California imported $305 million worth of goods. Wood products were a major import from Portugal, making up 44.5% of imports and had a value of $135 million. US Department of Commerce
Trade Agreements and Issues
Transatlantic Trade and Investment Partnership (TTIP)
Portugal is one of the nations that is currently involved in negotiations for the Transatlantic Trade and Investment Partnership (TTIP) with the rest of the European Union and the United States. The United States and the European Union have a strong bilateral trade relationship totaling $698.7 billion in 2015. A free trade agreement, such as TTIP, desires to strengthen that relationship by eliminating tariffs, aligning compatible regulations to open trade, and furthering trade in the service sector.