The United States of America (USA) is the largest economy of world and continues with a high degree of production, its GDP is over Usd 17.7 trillion, roughly 70% higher than the second largest economy of world, China with Usd 10.35 trillion.
The economies of the United States and European Union (EU) together account for half of the world's GDP and almost one-third of world trade flows. The investments of United States and European Union are the engine of main transatlantic relationship, this way contributing for the economic growth and increase of employment on both sides of the Atlantic, while being the biggest partners of trade and investment for almost every other country in global economy.
The total investment of the USA in European Union is three times bigger than the one made in Asia and is approximately eight times the total investment of EU in India and China combined.
As per data analyse of economic we can verify that the USA are the most open economy in the world. In Portugal, exports to the US are about three times larger than imports and have maintained steady growth since 2010. In 2015, the United States has become the main destination, outside the European Union, for Portuguese exports.
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Portugal exports to the United States reached in 2015 the highest value in the last 10 years. Not only exceeded €2.5 billion (68% increase between 2000 and 2015), as they dethroned Angola, until now the main destination of domestic goods outside the European Union. According to the National Statistic Institute (INE) data, the US are the fifth largest customer of Portugal, in a list headed by Spain.
Fuels keep heading the list of best selling goods for the United States and grew 25% to €670 million. Chemicals are among the three most exported products, with emphasis on medicines: €245 million, 20% more than in 2014.
There are three categories that achieved increases in the order of 50%: plastics and rubber, footwear and agricultural products:
- In case of plastic, which includes polymers and silicon, growth was 64% to €135 million.
- Footwear, which grew overall only 1%, managed to reach 68 million sales, €22 million more than in 2014.
- For agriculture products the evolution was 47%, from €32 million to €47 million. In the diverse universe of food produced in Portugal, last year stood out milk and dairy products that went from sales of €3.4 million to €13.5 million, that is, close to 300% increase.
In the large list of products, we can also highlight precious stones and jewelery. The amount sold is less significant (2.8 million) but rise 129% in one year.
Trade with the USA. What sets apart us?
In many areas, the export volume almost doubled over the last couple of years according to an article where Graça Didier, general secretary of America Chamber of Commerce in Portugal, refer that USD increased valuation was helping "to make Portuguese products more appealing", arriving in the United States "with more competitive prices".
Instability at the international level, as observed with the economic crises of Angola and Brazil, also made that the Portuguese exporters to look at the US market with more attention, as this destination is considered safer when compared to other destinations.
The 22% growth recorded last year was not surprising for the embassy in Portugal: "We knew that Portuguese exports were developing in recent years and sales to the United States grew, as happened with other markets. But we have seen an increase in the interest of Portuguese companies and entrepreneurs in developing a commercial relationship. To some extent, the United States is waking up for Portugal and Portugal to wake up to the United States", says Benjamin A. Rockwell, head of the US Embassy's economic unit.
Related article: Export process to the USA.
The birth of new businesses in Portugal, in areas such as biotechnology or information technology, have caught the eye of the Americans. Select USA is a federal program created by President Obama to attract foreign investment, whose goal is to promote, stimulate and facilitate investment in the United States of America.
In Portugal, the Agency for Investment and Foreign Trade of Portugal (AICEP) is by nature the entity dedicated to the development of a competitive business environment that contribute to the globalization of the Portuguese economy.
Over the years, Multicargo has worked closely with portuguese companies in shipping their goods by air and sea, to and from the United States, and has a team that can help, guiding you in each step of the transport process.
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Rui Pinto is the COO of Multicargo, supervising all the day-to-day operations of the company and contributing to the development of new services and solutions, customized to the clients’ needs. He has been an employee of Multicargo since its establishment in 2010.
