Portuguese exports to the US slow by almost 40% before application of tariffs
Sales of goods slowed in June after increasing in May, in a month marked by a sharp drop in sales of chemical products to the US. Trade deficit rises to €2.348 billion.
Portuguese exports of goods slowed in June, with sales to the US plummeting 39.4% before the new tariffs announced by Donald Trump came into force. The declines were led by chemical products, according to data released on Friday by the National Statistics Institute (INE).
Exports fell by 0.1% in June year-on-year, after rising by 2.5% in May. Imports grew by 3.9% in the sixth month of the year. Excluding transactions without transfer of ownership (TTE), there were increases in both flows: 2.1% in exports and 5.1% in imports.
US trade policy seems to be already making a dent in Portuguese sales to the US. According to INE, “in June 2025, and taking into account the main partner countries of 2024, there was a notable decrease in exports to the United States (-39.4%), mainly chemicals. Conversely, there was an increase in transactions to Germany (+16.4%), mainly transport equipment”.
The announcements of new tariffs by the US Administration on European imports are having a negative impact on sales to the US, with the lack of predictability (before the agreement between Brussels and Washington was finalised) leading to a freeze on orders.
Despite this slowdown in sales to the United States in June, the balance of global exports in the first half of the year was positive. The results for the first half of the year show that exports increased by 3.1% year-on-year (-1.4% in the same period of 2024).
Imports increased by 6.9% in the first half of 2025, year-on-year, compared to a 2.7% decline in the same period of 2024.
In terms of product categories, fuel and lubricant transactions fell by 28.3% in June, mainly to Spain, while industrial supplies also stood out with a 10.8% drop, “mostly chemical products exported to the United States”, explains INE.
With regard to imports, which rose by 3.9% in June, the statistical office highlights increases in imports of food products (+12.9%), mainly agricultural products imported from Spain, and transport equipment (+9.8%), mainly passenger cars. The only decrease was in imports of industrial supplies (-3.7%), “mainly chemical products imported from Ireland, corresponding mostly to transactions for work on commission (without transfer of ownership)”.
The trade deficit in goods reached €2.348 billion in June, increasing by €337 million compared to June 2024 and decreasing by €886 million compared to the previous month.
