United States (USA) and Portugal (PRT) Trade

2022

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Exports $3.24BRnk 57 / 219

2022

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About

United States-Portugal Trade: In 2022, United States exported $3.24B to Portugal. The main products that United States exported to Portugal were Petroleum Gas ($1.78B), Crude Petroleum ($329M), and Soybeans ($141M). Over the past 5 years the exports of United States to Portugal have increased at an annualized rate of 23.3%, from $1.14B in 2017 to $3.24B in 2022.

In 2017, United States exported services to Portugal worth $997M, with Travel ($439M), Transportation ($215M), and Financial services ($128M) being the largest in terms of value.

Portugal-United States Trade: In 2022, Portugal exported $5.66B to United States. The main products that Portugal exported to United States were Refined Petroleum ($1.15B), Unpackaged Medicaments ($432M), and Rubber Tires ($361M). Over the past 5 years the exports of Portugal to United States have increased at an annualized rate of 10.9%, from $3.38B in 2017 to $5.66B in 2022.

In 2020, Portugal exported services to United States worth $1.21B, with Transportation ($416M), Other business services ($378M), and Travel ($358M) being the largest in terms of value.

Comparison: In 2022, United States ranked 10 in the Economic Complexity Index (ECI 1.47), and 2 in total exports ($1.95T). That same year, Portugal ranked 42 in the Economic Complexity Index (ECI 0.57), and 48 in total exports ($81.7B).

Company data: In 2023, leading companies such as IKEA Group (8.03k), Continental Tire (5.32k), and Home Depot (850) were at the forefront of exporting goods from Portugal to the United States. Conversely, Unknown (3.97k), Friul Intagli Industries Spa (2.33k), and Ikea Industry Portugal, Lda (2.2k) were notable for importing products to Portugal from the United States.

Latest Trends

August, 2024

About

Overview In August 2024, United States exported $325M and imported $565M from Portugal, resulting in a negative trade balance of $239M. Between August 2023 and August 2024 the exports of United States have increased by $137M (72.5%) from $189M to $325M, while imports increased by $3.92M (0.7%) from $561M to $565M.

Trade In August 2024, the top exports of United States to Portugal were Crude Petroleum ($84.7M), Petroleum Gas ($54M), Aircraft Parts ($12.4M), Commodities not elsewhere specified ($7.81M), and Ethylene Polymers ($6.47M). In August 2024 the top imports of United States from Portugal were Refined Petroleum ($114M), Rubber Tires ($24M), Unpackaged Medicaments ($23.6M), Packaged Medicaments ($18.2M), and Leather Footwear ($13.6M).

Origins In August 2024 the exports of United States were mainly from Texas ($84.5M), Florida ($45.9M), Louisiana ($40.9M), Georgia ($29.1M), and Kansas ($18.2M), while imports destinations were mainly New Jersey ($121M), Ohio ($58.5M), California ($50.7M), Pennsylvania ($43.5M), and New York ($34.9M).

Growth In August 2024, the increase in United States's year-by-year exports to Portugal was explained primarily by an increase in product exports in Petroleum Gas ($14.8M or 37.6%), Crude Petroleum ($13M or 18.2%), and Aircraft Parts ($5.09M or 69.7%). In August 2024, the increase in United States's year-by-year imports from Portugal was explained primarily by an increase in product imports in Refined Petroleum ($38.5M or 51%), Unpackaged Medicaments ($17M or 259%), and Pure Olive Oil ($6.91M or 511%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (August 2023 - August 2024)$137M(72.5%)

IMPORT GROWTH (August 2023 - August 2024)$3.92M(0.7%)

MAIN EXPORTER (August 2024)Texas$84.5M

This section shows exports and imports data at subnational level for United States. Click any date in the line plot, any subnational region in the geomap or any product to explore the exports or imports behavior of United States over time.

To check Portugal and United States trade dynamics, check the bilateral page.

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, United States exported $3.24B to Portugal. The main products exported from United States to Portugal were Petroleum Gas ($1.78B), Crude Petroleum ($329M), and Soybeans ($141M). During the last 5 years the exports of United States to Portugal have increased at an annualized rate of 23.3%, from $1.14B in 2017 to $3.24B in 2022.

In 2017, Portugal exported $5.66B to United States. The main products exported from Portugal to United States were Refined Petroleum ($1.15B), Unpackaged Medicaments ($432M), and Rubber Tires ($361M). During the last 5 years the exports of Portugal to United States have increased at an annualized rate of 10.9%, from $3.38B in 2022 to $5.66B in 2017.

Exports from United States () to Portugal () (2022)

Exports from Portugal () to United States () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

United States
Top DestinationCanada$308B

Portugal
Top DestinationSpain$20.5B

This map shows whether countries import more from United States or Portugal. Each country is colored based on the difference in imports they receive from United States and Portugal or the difference in the growth in imports.

In 2022, countries that imported more from United States than Portugal included Canada ($308B), Mexico ($294B), and China ($151B).

In 2022, countries that imported more from Portugal than United States included Angola ($1.59B), Gibraltar ($561M), and Cape Verde ($407M).

Difference in imports from Portugal () and United States () (2022)

Comparative Advantage United States - Portugal

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

This chart compares trade between United States and Portugal by product, considering products traded by both, United States and Portugal.

During 2022, United States had a large net trade with Portugal in the exports of Mineral Products ($2.17B), Machines ($223M), and Transportation ($192M).

During 2017, Portugal had a large net trade with United States in the exports of Mineral Products ($1.2B), Chemical Products ($785M), and Machines ($640M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential United States Portugal+$309MCrude Petroleum

Top Product Potential Portugal United States+$165MRefined Petroleum

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

Prt Year

Usa Year

In 2017, United States exported services to Portugal worth $997M, with Travel ($439M), Transportation ($215M), and Financial services ($128M) being the largest in terms of value.

In 2020, Portugal exported services to United States worth $1.21B, with Transportation ($416M), Other business services ($378M), and Travel ($358M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from United States () to Portugal () (2017)

Services Exports from Portugal () to United States () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

This visualization shows the product space at the HS4 level with the flags of United States and Portugal. This means that a dot/product with the flag of United States indicates it has a comparative advantage over Portugal. Similarly, a dot/product with the flag of Portugal indicates it has a comparative advantage over United States.

Product Space of United States () and Portugal () (2022)

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