In a recent report, Portugal’s exports to the United States saw a decline of 13 million euros, representing a 1% decrease. This assessment by the National Institute of Statistics (INE) commenced in the first quarter of this year amidst the backdrop of the U.S. tariff policy.
Meanwhile, Portuguese imports from the U.S. fell by 12 million euros year-on-year (-2.0%) and decreased by 57 million euros quarter-on-quarter (-8.6%), according to the statistics bureau.
The report also provides data on the cumulative year figures, revealing that in the first nine months of 2025, 6.2% of Portuguese exports were destined for the United States, while 2.2% of national imports originated from this country.
The United States remained Portugal’s fourth-largest client, though it dropped down to the 10th position as a supplier, a status that was already noted at the end of the second quarter of this year.
By September 2025, Portuguese exports to the U.S. market decreased by 6.8%, while imports increased by 8.4%, compared to the same period in 2024 (with changes of -8.1% and +14.3%, respectively, in the first half of 2025).
According to this analysis, among Portuguese companies exporting goods to the U.S., “22.6% had an exposure level higher than 80% in this market (+2.1 p.p. more than in 2024), corresponding to 6.4% of national exports value” to this market.
Conversely, more than half of the national exporters supplying this market had the lowest level of exposure.
Companies exporting goods to the United States represent 5.1% of the total value transacted in International Trade of Goods, but the exports to the United States make up only 10.2% of the total exported value by these companies.
The INE began this analysis at the start of the year and underscores that the situation remains “clouded by uncertainty related to U.S. tariff policy, which has somewhat influenced international trade flows.”
This summer, the EU and the U.S. reached a political agreement on trade tariffs, establishing a base tariff of 15% on most European exports to the United States, covering sectors like automobiles, semiconductors, and pharmaceuticals, setting this rate as the clear ceiling for customs duties.
Simultaneously, the agreement calls for the elimination of tariffs on strategic products.
Despite this, tariffs on steel and aluminum persist at 50%, although the agreement outlines the future introduction of a quota system to limit this surcharge.
