This conclusion was reached by the Bank of Portugal (BdP) in an analysis that reveals significant reductions in both the export value and the export price, according to a report by ECO.

The nominal value exported by companies refers to the total amount Portugal received from the sale of goods, without adjusting for inflation. Export prices, on the other hand, refer to the unit value index, an approximate measure of price variations for exported goods, which allows us to determine whether prices have risen or fallen.

According to the October "Economic Bulletin," Portuguese exporters recorded a seven percentage point (pp) decrease in export value growth and a two-point decrease in export price growth to the US compared to other markets. The comparison covers the period before and after the Donald Trump administration, and although it does not include the formal agreement with the European Commission, it considers expectations up to June.

The reduction in the growth rate of export value to the US is even more pronounced for smaller companies, reaching nine percentage points. "The more pronounced impact on export value than on export price suggests a relative contraction in export volumes," he states.

"The margin adjustment could reflect companies' assessment of their positioning relative to other competitors in terms of price competitiveness, but also, in part, the rigidity of export prices in the currency of invoicing," the Bank of Portugal points out, noting that approximately 40% of Portuguese exports of goods to the US are invoiced in dollars.

Thus, it emphasizes that the rigidity of export prices implies that, once the price is fixed in dollars, it remains stable in the short term, even in the face of exchange rate fluctuations. In other words, when the dollar depreciates against the euro, as has happened in recent months, the export price in dollars remains unchanged, but the price converted into euros decreases.