Portuguese exports to the US tumble 40% in June, but investment hits record high

Portuguese exports to the United States fell 39.4% in June, a month before a 15% trade tariff slapped on the European Union came into effect. But on the other hand, US investment in Portugal has hit a decades high.

According to Portugal’s National Statistics Institute (INE) the tariffs wiped off €219 million in exports for that month.

The US tariffs came into force on Thursday, August 7 although the maximum limit of 15% does “reinforce stability for companies and confidence in the transatlantic economy”, according to the EU Trade Commissioner, Maros Sefcovic.

US President Donald Trump had been talking about tariffs since he took office in January with them initially being planned for introduction in April but were postponed several times until last week.

In June Portugal posted a deterioration in the trade imbalance of €2.348 million with exports falling 0.1%.

Portuguese exports to the United States had increased (in recent years) and is now Portugal’s fourth export client but could now suffer because of the tariffs.

According to data from the INE, exports to the US rose from 5% in 2019 to 6.8% in 2023 becoming one of the main destinations for Portuguese exports after Spain, Germany and France.

US Investment – an all time high

But it wasn’t all gloomy news for US-Portuguese economic relations. 𝐀𝐦𝐞𝐫𝐢𝐜𝐚𝐧 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐢𝐧 𝐏𝐨𝐫𝐭𝐮𝐠𝐚𝐥 𝐡𝐢𝐭 a 𝐝𝐞𝐜𝐚𝐝𝐞-𝐡𝐢𝐠𝐡 𝐫𝐞𝐜𝐨𝐫𝐝: According to a PitchBook study, Portuguese companies have raised US$647 million (around €557.5 million) in venture capital since the beginning of 2025 – already surpassing the total raised in 2024.

78.5% of this amount came from US funds, totaling US$508 million (€437.8 million) – the highest share recorded in the past ten years.

The most notable case is TEKEVER, a national technology company specializing in drones, which secured US$500 million in May, becoming Portugal’s 7th unicorn.

These figures highlight the strength of transatlantic economic relations and the strategic role of the US in Portugal’s innovation and technology ecosystem.

An American Chamber of Commerce in Portugal  (AmCham Portugal) spokesperson said.” we believe that cooperation between Portugal and the US is a driver of growth, innovation, and competitiveness, creating new opportunities for companies and investors on both sides of the Atlantic”.