Portugal

The United States is Portugal’s largest trading partner outside the European Union. Bilateral trade in goods and services reached $8.9 billion in 2019, a six percent increase from the previous year. In 2019, the United States exported $1.72 billion in goods to Portugal, with machinery, mineral fuels, aircraft, and vehicles as the leading products. The United States imported $3.89 billion from Portugal during the same period, with mineral fuels, cork, and machinery in the lead.  The stock of U.S. direct investment in Portugal reached $2.83 billion in 2018, and U.S. companies are significant investors in the technology, banking, pharmaceutical and chemical industries, among others. Portugal and the United States have enacted an income tax agreement to prevent double taxation, and signed an agreement on implementation of the Foreign Account Tax Compliance Act in August 2015.