Trading Partner Portal: Portugal
Overview
Trade Overview
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 10.325 billion people and a gross domestic product (GDP) of $253.66 billion. The country has developed a strong service market based economy that accounts for approximately 75% 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 60th largest export destination for the United States. In 2022, US exports totaled of $2.92 billion of goods. The majority of those exports to Portugal were oil and gas, with a value of roughly $1.44 billion. The US also exported around $564 million of transportation equipment, $216 million chemicals, and $160 million of agricultural products. US imports from Portugal totaled $6.15 billion worth of goods from Portugal in 2022. A majority of those goods were petroleum and coal products, and were worth $1.15 billion. The next two leading imports were chemicals at $849 million and plastics and rubbers with a value of $428 million. US Department of Commerce
The United States had approximately $2.15 billion of foreign direct investment (FDI) in Portugal in 2021, Portuguese FDI into the U.S. was undisclosed the same year. BEA
Portugal- California Trade
In 2022, California exported almost $162 million of goods. Over 50% of those goods were transportation equipment, with a total value of $93 million. The second leading export from California to Portugal was computer and electronic products, which totaled $22 million. Other major exports included non-electrical machinery and agricultural products. California is one of the largest importers of goods from Portugal into the US. In 2022, California imported $485 million worth of goods. Wood products were a major import from Portugal, making up $148 million. US Department of Commerce
Trade Agreements
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.