The United States has become the fourth largest importer of Portuguese products and the main export market for Portugal outside the European Union (EU), surpassing the United Kingdom, according to the US International Trade Commission (USITC), which recently said that Portuguese exports to the US reached $4.8 billion, a 32 per cent rise compared to $3.6 billion in 2020.
Even when taking into consideration the negative impact of the pandemic in 2020, Portuguese exports grew by 27.5 per cent compared to $3.8 billion in 2019.
Besides petroleum oils, which still lead Portuguese exports to the US, pneumatic tires, pharmaceutical products, articles of natural cork, footwear, bed and table linens, wine, paper and apparel represent a substantial portion of the exports.
Other products such as furniture, optical and medical instruments, turbojets and turbopropellers, ceramic tableware, and fish and crustaceans have also seen considerable increases.
“2021 was a record year for Portuguese exports worldwide. Our companies have remained extremely reliable and resilient and have been able to quickly adapt to the after-pandemic new normal in international trade,” said Luis Castro Henriques, chief executive officer of AICEP Portugal Global, Portugal’s trade and investment agency, said in a press release.
“The supply chain disruptions caused by the pandemic have made the US realise its dependence on Asian suppliers, which have led to a shift in the sourcing policies of many companies, creating opportunities for new suppliers. We are extremely grateful that many US companies and consumers have recognised the excellent price/quality ratio that Portuguese products have to offer,” said João Mota Pinto, AICEP’s director and the Portuguese trade commissioner to the United States.
Source: https://www.fibre2fashion.com/