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This research studied the behavior of several gaseous trade off (liquid photosynthesis, stomatal conductance, transpiration and water use efficiency) and leaf water potential of adult trees of two clones of Eucalyptus in dry and rainy season, in Itauninhas county, Espírito Santo State, in order to allow the seasonal variations of the atmosphere affect carbon assimilation and mainly, the primary productivity of the plants. Clones 15 and 39 presented different answers in the behavior of the gaseous trade off and of leaf water potential in the two studied seasons. The largest values of liquid photosynthesis, stomatal conductance and transpiration and of leaf water potential were found in the rainy season, due to soil water surplus, while in the dry season, the water deficiency cause reduction of those physiologic variables. Clone 39 presented larger values of liquid photosynthesis, stomatal conductance and transpiration in comparison to clone 15, in the dry season, while efficiency in the use of water was inferior, indicating that this clone can probably reach larger productivity, but its strategy in saving water, presented smaller efficiency.