From paper to cork, exports to the USA grew 42% in the last five years

Sales to the biggest global economy grew 10% in the last five years. The number of exports goes above the three thousand.

The parallel economy is said to be the second biggest of the world; the first, we know, is the United Sates’. And Portugal, in an ant position, has long been an important destination in the American giant in order to pull the national trade. 

It has been in a favourite relationship with the United States: not only the sales of products to the other side of the Atlantic had annually grown around 9.7% in the last five years (even with a drop of sales in 2016), but also the plates of the commercial balance are positive for the Portuguese side, with exports higher than imports. By 2017, sales abroad were already around 42% above the value of 2013.

The number of Portuguese enterprises selling to the biggest global economy has been progressively growing and, according to the Portuguese Agency for Investment and Foreign Trade (AICEP), in 2017 there were 3220 companies doing it. There are well-known names among the ten largest: from the pulp and paper Navigator group to Amorim & Irmãos (cork business), passing through Ikea Industry of Portugal (furniture factory of the Swedish group in Paços de Ferreira), Petrogal or Efacec Energia.

It has also been an investment market of Portuguese companies. In 2015, as stated in an AICEP document, the direct investment of Portugal in the United States was around 937 million dollars (around 795 million euros at current exchange rates). Critical Software, Tekever and EDP renewables are installed  there, and there are also investments of Sovena, Vista Alegre, Brisa and Esporão and Sogrape wine producers. 

In terms of trade relations, the United States is the fifth biggest buyer of Portuguese products, destination of fuels, machines, chemical and textile products. They were the sixth in 2014, but after then they have risen to the fifth importer and have remained there until now, including in the first quarter of this year, even though by March there was a 8% drop in exports.

More popular

After all, Portugal exported goods to the United States of 2845 million euros and bought the United States goods of 997 million, which allowed a positive balance of 1848 million. The trend is the same on the trade side of commercial relations in terms of services - the balance is also positive for Portugal, because it is sold 1845 million to the United States and it is bought 1078 million. 

Looking at the goods, INE figures show that after growth in 2013, 2014 and 2015 sales fell 4% in 2016, to recover again the following year, firing 15%. Fuel oils, medicines, tires, paper, cork, bedding, kitchen textiles, wines and furniture are among the first products purchased by US companies.