This is a best prospect industry sector for this country. Includes a market overview and trade data.
U.S. government engagement in a variety of sectors will continue to contribute towards U.S. business growth and job creation. These sectors include automotive (including electric vehicles), energy (including smart grids, renewable energy, hydrogen, small modular reactors, and liquified natural gas), the environment, health and medical technologies, manufacturing (including additive manufacturing, advanced manufacturing, and advanced materials), digital technologies, and information and communication technologies.
For information on commercial best prospects in the each of the 27 Member States, please consult the relevant Member States’ Country Commercial Guide.
The European Union’s Trade Relationship[1]
Overview
Note: the below values are expressed in billions.
Table: European Union Exports and GDP
|
|
2020 |
2021
|
2022 (Estimate) |
|
European Union GDP (in current prices) |
$17,127 ^^ |
$$17,127.5 *^ |
$18,283.9 ^^
|
|
Exports of EU goods to the world |
$2,206.0 *^^ |
$1,843.1 **
|
$372.0 ** (January-February 2022) |
[1] Data Sources:
** Eurostat, Euro Area International Trade in Goods Deficit $27.2 bn, 2022.
*** CIA World Factbook, last checked 3 August 2021.
*^ World Economic Outlook Database, last checked 2 July 2022.
*^^ Eurostat, International Trade in Goods, 2020. Converted per average exchange rate in 2020: 1 EUR = 1.142 USD.
^ Eurostat estimate for 2021, based on data available from January to June 2021. Converted per average exchange rate in 2021: 1 EUR = 1.195 USD.
^^ International Monetary Fund, World Economic Outlook Database, April 2021.
^^^ Average exchange rate per year: ExchangeRates.org.uk, last checked 3 August 2021.
Table: The European Union’s Trade Market Size
|
|
2020 |
2021
|
2022 (Estimate) |
|
European Union GDP (in current prices) |
$17,127 ^^ |
$$17,127.5 *^ |
$18,283.9 ^^
|
|
Exports of EU goods to the world |
$2,206.0 *^^ |
$1,843.1 **
|
$372.0 ** (January-February 2022) |
|
Import of goods from the world |
$1,957.7 *^^ |
$1,785.7 ** |
$403.1 ** (January-February 2022) |
|
Import of goods from the United States |
$231.4 * |
$196.5 * |
Not available |
|
Export of EU goods to the United States |
$403.0 * |
$337.6 *
|
Not available |
|
Exchange rate (Euro to U.S. dollar) |
$1.142 ^^^ |
$1.183 |
$ 1.12 |
Principal U.S. Exports to the European Union
In 2021, the United States exported the most goods to Germany ($65.2 billion), the Netherlands ($53.6 billion), Belgium ($33.7 billion), France ($30.0 billion), and Italy ($21.7 billion). The top good exports categories to the European Union (based on the two-digit Harmonization System code) in 2021 were mineral fuels ($34.1 billion), pharmaceuticals ($30.5 billion), machinery ($28.2 billion), optical and medical instruments ($26.7 billion), and aircraft ($24.2 billion). U.S. exports of services to the European Union were an estimated $201.3 billion in 2021, 10.7 percent ($19 billion) higher than 2020, and 40 percent greater than 2011 levels. Leading services exports from the U.S. to European Union were in intellectual property (licenses; research and development), professional and management services, and the financial services sectors.
For detailed information, consult, among other sources, the factsheet “European Union, Trade in goods with USA,” published by the European Commission.
Principal U.S. Imports from the European Union
In 2021, the United States imported the most goods from Germany ($135.2 billion), Ireland ($73.7 billion), Italy ($61.0 billion), and France ($50.3 billion). The top goods import categories (based on the two-digit Harmonization System code), based on 2020 data, were chemical manufactures ($169.3 billion), transportation equipment ($73.8 billion), machinery manufactures ($56.0 billion), primary metal manufactures ($50.8 billion), and electronic production ($36.7 billion). Leading services imports from the European Union to the United States, based on 2019 data, were in travel, transport, and intellectual property (including education).
For detailed information, consult, among other sources, the factsheet “European Union, Trade in goods with USA,” published by the European Commission.