Feb. 19, 2026
What happened: According to federal data released Feb. 19, Oregon goods imports topped exports in 2025 for the first time since at least 2008. Goods exports fell by roughly 17% in 2025 while imports rose by about 9%, producing a goods trade deficit of about $2.7 billion. In 2024, Oregon’s goods exports exceeded imports by about $5.7 billion. On a nationwide basis, meanwhile, goods exports increased in 2025 (5.8%) by a larger percentage than imports (3.1%).
Change not surprising: The Portland Business Journal sounded the alarm in January by reporting that exports through the Portland-Vancouver-Hillsboro area had dropped nearly 19% through the third quarter of 2025, the biggest drop among 40 tracked metro areas. Among the contributing factors, according to the Business Journal, were decreases in semiconductors and other electronic components as well as auto parts.
Why it matters: Oregon is one of the nation’s most manufacturing dependent states, ranking 19th nationally for the sector’s share of state GDP, according to OBI’s 2024 manufacturing report. Manufacturing jobs also pay well, with a median income that exceeds that in other sectors by nearly 17%. And exports bring money into the state, which supports employment, investment and local businesses.
Concern, not panic: Oregon’s manufacturing sector has struggled in recent years. The state lost thousands of manufacturing jobs in 2025, extending what the state economist has referred to repeatedly as a manufacturing recession. However, as Business Oregon economist Damon Runberg told the Portland Business Journal back in January, exports do tend to fluctuate, and 2024 saw a large surge in exports from Oregon. He said it’s more useful to track exports using a three-year average. Taken together, however, recent trends underscore the importance of policies that support Oregon’s manufacturers.
Bragging rights lost: For nearly 20 years, Oregon belonged to an enviable club: states with export surpluses. In 2024, it was one of 11 states whose goods exports exceeded their imports. In 2025, the list shrank to 10, and it doesn’t include Oregon for the first time in nearly two decades.
Learn more: For more Oregon competitiveness data and rankings, visit the Oregon Scorecard.