Oregon Slides Into a Trade Deficit for the First Time in Years as Trump’s Trade War Drives Exports Down

Oregon, which imported more goods than it exported by value last year, is particularly vulnerable to President Donald Trump’s Tariff Trade War.

 

Effect of the Trump Trade War On Oregon

In the midst of Trump’s so-called trade war, Oregon exports declined by $5.9 billion in 2025, a 17% drop.

Tidings Data Snapshot

Oregon trade turned upside down in 2025
$5.8BDrop in Oregon goods exports
17.3%Year over year export decline
9%Rise in Oregon imports
First since 2008+Year Oregon goods imports topped exports
12.4%Three year average export decline
15 of 20Top markets that lagged US trends

Source: Business Oregon economist blog on 2025 Oregon trade using U.S. Census Bureau Foreign Trade Division dataDailyTidings.com

At the same time, federal trade data show that Oregon’s goods imports exceeded its exports, leading to a goods trade deficit despite overall growth in US goods exports.

Although the Trump administration hopes tariffs will eventually bring more manufacturing jobs back to the US, they have, for now, undercut domestic manufacturing. The Supreme Court overturned Trump’s tariffs last month.

After Trump responded to the ruling by imposing new tariffs, Oregon sued, arguing the tariffs would raise prices and hurt the economy.

The litigation adds more uncertainty to the economic landscape, as Oregon is among the most trade-dependent states in the nation, selling electronics (accounting for more than $14 billion in exports last year, about half of all the state’s exports), grains, fruits, wine, timber, and many other products to customers all over the world.

These were Oregon’s biggest foreign markets going into the trade shock:

Market2024 Oregon goods exportsWhy it matters now
Mexico$6.3 billion / 18% of state exportsLargest single foreign market for Oregon goods
China$5.9 billionBig exposure point in any tariff retaliation cycle
Malaysia$4.7 billionImportant for electronics and supply chain ties
Canada$3.3 billionOne of Oregon’s core North American buyers
Vietnam$2.7 billionShows Oregon’s deep Pacific trade exposure

The electronics industry, specifically computer chips, struggled last year. Intel, the state’s largest corporate employer, saw sales fall sharply in 2022 and 2023, and 6,000 Oregon jobs have been eliminated since the summer of 2024.

Intel’s annual sales were flat last year. The company is transitioning to a new-generation manufacturing process (18A), but mass production only began at the end of last year.

Sales of wood products, vegetables, metals, fruit, and prepared vegetables also fell significantly in 2025. There were some gains in a few categories, but Oregon imports rose 9% last year, twice the national rate.

Tidings Data Snapshot

Oregon’s biggest export hits in 2025
  • Down nearly $3BElectric machinery
  • Down $1.5BVehicles
  • Down $881MIndustrial machinery
  • Down $165MRubber products
  • Down $149MChemical products
  • Down $107MOil seeds and grains

Source: Business Oregon economist blog on 2025 Oregon trade using U.S. Census Bureau Foreign Trade Division dataDailyTidings.com

Oregon Balance Of Trade Shows Deficit

Federal trade data show Oregon’s goods imports exceeded its goods exports in 2025 for the first time since at least 2008, flipping the state into a goods trade deficit even as US goods exports grew overall – setting up a second part about why Oregon diverged from the national trade picture.

The data shows that the value of goods exported from Oregon fell by $5.8 billion (17.3%), while imports into Oregon jumped by 9%. By value, the state imported more goods than it exported, leading to a trade deficit.

In 2025, exports increased by $199.8 billion (6.2%) while imports increased by $197.8 billion (4.8%), narrowing the trade deficit marginally.

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