Recent developments
Both exports to and imports from the United States increased considerably between January 2022 and December 2023. Exports grew from €39.6billion in January 2022 to €43.3billion in December 2022 (Figure1). Imports from the United States were €24.2billion in January 2022, growing to €31.1billion in December 2023. In January 2022 the trade surplus was €15.4billion, It hit a low of €8.8billion in July 2022 and stood at €12.2billion in December 2022.
Figure 1: EU trade in goods with the United States, 2022-2023
(€ billion, seasonally and working-day adjusted)
Source: Eurostat (ext_st_eu27_2020sitc)
Figure2 compares EU trade with the United States against EU trade with other non-EU countries. Between January 2022 and December 2023, EU imports from the United States increased by 28.3% while imports from other non-EU countries decreased by 13.4%. EU exports to the United States increased by 9.3% while exports to other non-EU countries increased by 3.8%.
Figure 2: EU trade in goods with the United States and other non-EU countries, 2022-2023
(Jan 2022 = 100%, seasonally and working-day adjusted)
Source: Eurostat (ext_st_eu27_2020sitc)
EU and the United States in world trade in goods
Figure3 shows the world's largest traders of goods in 2022. The United States (€1960billion, 10.1%) was the third largest exporter in the world, preceded by China (€3413billion, 17.6%) and the EU (€2572billion, 13.2%) and followed by Japan (€709billion, 3.6%) and South Korea (€649billion, 3.3%). The United States (€3206billion, 15.8%) was the largest importer in the world, followed by the EU (€3007billion, 14.8%), China (€2579billion, 12.7%), Japan (€852billion, 4.2%) and the United Kingdom (€782billion, 3.9%).
Figure 3: The United States among the world's largest traders of goods, 2022
(% share of world exports/imports)
Source: Eurostat (ext_lt_introeu27_2020) and UNCTAD
The imports and exports of goods of the EU and the United States indexed at 100 in 2012 for the period up to 2022 are shown in Figure4. It also shows the cover ratio (exports / imports) for this period. Exports from the EU were lowest in 2012 (100) and highest in 2022 (145). Imports to the EU were lowest in 2016 (94) and highest in 2022 (177). The cover ratio for the EU was lowest in 2022 (86%) and highest in 2016 (116%). Exports from the United States were lowest in 2020 (92) and highest in 2022 (134). Imports to the United States were lowest in 2016 (96) and highest in 2022 (144).
Figure 4: Trade in goods of the EU and the United States, 2012-2022
(exports and imports indexed at 100 in 2012, cover ratio in%)
Source: Eurostat (ext_lt_introeu27_2020) and UNCTAD
United States largest partner for EU exports of goods in 2023.
The position of the United States among the largest trade partners of the EU in 2023 can be seen in Figure5. In 2023, the United States was the largest partner for EU exports of goods (19.7%). It was followed by the United Kingdom (13.1%), China (8.8%), Switzerland (7.4%) and Türkiye (4.4%). It was the second largest partner for EU imports of goods (13.7%), preceded by China (20.5%) and followed by the United Kingdom (7.2%), Switzerland (5.5%) and Norway (4.7%).
Figure 5: The United States among the EU's main partners for trade in goods, 2023
(% share of extra-EU exports/imports)
Source: Eurostat (ext_st_eu27_2020sitc)
EU - United States trade by type of goods
The breakdown of EU trade with the United States by SITC groups is shown in Figure6. The red shades denote the primary goods: food & drink, raw materials and energy, while the blue shades show the manufactured goods: chemicals, machinery & vehicles and other manufactured goods. Finally, other goods are shown in green. In 2023, EU exports of manufactured goods (89%) had a higher share than primary goods (9%). The most exported manufactured goods were machinery & vehicles (41%), followed by chemicals (27%) and other manufactured goods (21%). In 2023, EU imports of manufactured goods (68%) also had a higher share than primary goods (30%). The most imported manufactured goods were machinery & vehicles (31%), followed by chemicals (25%) and other manufactured goods (14%).
Figure 6: EU trade with the United States by product group, 2013 and 2023
(€ billion)
Source: Eurostat (ext_st_eu27_2020sitc)
Figure7 shows the evolution of EU imports and exports by SITC group since 2013. In 2023, the EU had trade surpluses in machinery & vehicles (€102billion), chemicals (€58billion), other manufactured goods (€55billion) and food & drink (€16billion). The EU had trade deficits in energy (€70billion) and raw materials (€6billion) and other goods (€2billion). The overall balance with US, after steadily increasing between 2013 and 2021, decreased in 2022 because of the high deficit recorded for energy products.
Figure 7: EU trade with the United States by group, 2013-2023
(€ billion)
Source: Eurostat (ext_st_eu27_2020sitc)
EU - United States most traded goods
Following Russia's invasion of Ukraine and the imposition of bans on Russian oil and gas, the United Stated partly replaced Russia as a source of these imports. Consequently, oil and natural gas became the first and third most imported products from the United States, while medical and pharmaceutical products were the second most imported products in 2023 (Figure8).
Figure 8: Most traded goods between EU and the United States, 2023
(€ billion)
Source: Eurostat DS-018995
The top three exported products to the United States in 2023 remained the same as in 2022 (Figure9). They were medical and pharmaceutical products, motor cars and motor vehicles and medicaments.
Figure 9: EU most imported goods from the United States, 2023
(€ billion)
Source: Eurostat DS-018995
Trade with the United States by EU Member State
Table1a shows the imports of goods from the United States by EU Member State in 2023. The three largest importers from the United States in the EU were the Netherlands (€75240million), Germany (€71932million) and France (€43656million). Luxembourg (29.2%) had the highest share for the United States in its extra-EU imports.
Table 1a: EU imports of goods from the United States, 2023
Source: Eurostat DS-018995
Table1b shows the exports of goods to the United States by EU Member State in 2023. The three largest exporters to the United States in the EU were Germany (€157732million), Italy (€67266million) and Ireland (€51621million). Ireland (45.8%) had the highest share for the United States in its extra-EU exports.
Table 1b: EU exports of goods to the United States, 2023
Source: Eurostat DS-018995
The trade in goods balance in 2023 between the EU Member States and the United States is shown in Table1c. It shows that 20 EU Member States had a trade surplus with the United States. The largest surplus was held by Germany (€85800million), followed by Italy (€42093million) and Ireland (€31098million). There were seven EU Member States that had a trade deficit with the United States. The largest deficit was held by the Netherlands (€34692million), followed by Spain (€5705million) and Belgium (€4204million).
Table 1c: EU trade balance of goods with the United States, 2023
Source: Eurostat DS-018995
Source data for tables and graphs
EU - United States international trade in goods statistics - graphs and tables
Data sources
EU data is taken from Eurostat's COMEXT database. COMEXT is the reference database for international trade in goods. It provides access not only to both recent and historical data from the EU Member States but also to statistics of a significant number of non-EU countries. International trade aggregated and detailed statistics disseminated via the Eurostat website are compiled from COMEXT data according to a monthly process.
Data are collected by the competent national authorities of the EU Member States and compiled according to a harmonised methodology established by EU regulations before transmission to Eurostat. For extra-EU trade, the statistical information is mainly provided by the traders on the basis of customs declarations.
EU data are compiled according to EU guidelines and may, therefore, differ from national data published by the individual Member States. Statistics on extra-EU trade are calculated as the sum of trade of each of the 27 EU Member States with countries outside the EU. In other words, the EU is considered as a single trading entity and trade flows are measured into and out of the area, but not within it.
Dutch trade flows are over-estimated because of the so-called 'Rotterdam effect' (or quasi-transit trade): goods bound for other EU countries arrive in Dutch ports and, according to EU rules, are recorded as extra-EU imports by the Netherlands (the country where goods are released for free circulation). This in turn increases the intra-EU flows from the Netherlands to those Member States to which the goods are re-exported.
Data for the non-EU countries used in Figure3 and Figure4 are taken from the UNCTAD database of the United Nations. For the calculation of shares, the world trade is defined as the sum of EU trade with non-EU countries (source: Eurostat) plus the international trade of non-EU countries (source: UNCTAD).
Methodology
According to the EU concepts and definitions, extra-EU trade statistics (trade between EU Member States and non-EU countries) do not record exchanges involving goods in transit, placed in a customs warehouse or given temporary admission (for trade fairs, temporary exhibitions, tests, etc.). This is known as 'special trade'. The partner is the country of final destination of the goods for exports and the country of origin for imports.
Product classification
Information on commodities exported and imported is presented according to the Standard international trade classification (SITC). A full description is available from Eurostat's classification server RAMON.
Unit of measure
Trade values are expressed in millions or billions (109) of euros. They correspond to the statistical value, i.e. to the amount which would be invoiced in the event of sale or purchase at the national border of the reporting country. It is called a FOB value (free on board) for exports and a CIF value (cost, insurance, freight) for imports.
Context
Trade is an important indicator of Europe's prosperity and place in the world. The bloc is deeply integrated into global markets both for the products it sources and the exports it sells. The EU trade policy is one of the main pillars of the EU's relations with the rest of the world.
Because the 27 EU Member States share a single market and a single external border, they also have a single trade policy. EU Member States speak and negotiate collectively, both in the World Trade Organisation, where the rules of international trade are agreed and enforced, and with individual trading partners. This common policy enables them to speak with one voice in trade negotiations, maximising their impact in such negotiations. This is even more important in a globalised world in which economies tend to cluster together in regional groups.
The openness of the EU's trade regime has meant that the EU is the biggest player on the global trading scene and remains a good region to do business with. Thanks to the ease of modern transport and communications, it is now easier to produce, buy and sell goods around the world which gives European companies of every size the potential to trade outside Europe.
