Resource Center
REPORT: Transatlantic Economy Set New Records
Thank you to CO–U.S. Chamber of Commerce – U.S. Chamber Action for providing the content on REPORT: Transatlantic Economy Set New Records.
The transatlantic economy posted strong results in 2022, despite the war in Ukraine, supply chain disruptions, dramatic energy shifts, high inflation, and tightening financial conditions.Why it matters: The transatlantic economy is the most important commercial relationship globally. U.S.-Europe trade in goods reached an all-time high of $1.2 trillion (€1.12 trillion), according to a new report from the Chamber and AmCham EU.By the numbers:
• U.S. company affiliates in Europe earned an estimated $325 billion (€303 billion), while European affiliates in the U.S. earned $150 billion (€140 billion), the second highest level ever.• U.S. exports of liquefied natural gas (LNG) to Europe hit their highest levels ever. U.S. exporters shipped roughly 2.5 times more LNG supplies to Europe in 2022 than in 2021.
Our take: “There is no room for complacency,” said Marjorie Chorlins, the Chamber’s senior vice president for Europe. “We must deepen those ties, avoid discriminatory policies, especially in the digital sphere, and craft collaborative approaches on key issues like the green transition and China’s anticompetitive practices.”
The Transatlantic Economy 2023
No two other regions in the world are as deeply integrated as the U.S. and Europe.
The Transatlantic Economy 2023 study offers the most up-to-date facts and figures about the economic relationship between Europe and the United States. The transatlantic economy is proving to be remarkably resilient in the face of global economic and strategic disruptions. The U.S. and Europe remain each other’s most important markets and geo-economic base. The $7.1 trillion transatlantic economy employs 16 million workers in mutually “onshored” jobs on both sides of the Atlantic. It is the largest and wealthiest market in the world, accounting for half of total global personal consumption and close to one-third of world GDP in terms of purchasing power.
Ties are particular thick in foreign direct investment (FDI), portfolio investment, banking claims, trade and affiliate sales in goods and services, digital links, energy, mutual R&D investment, patent cooperation, technology flows, and sales of knowledge-intensive services.
2022 was record-breaking on multiple fronts:
- U.S.-Europe trade in goods reached an all-time high of $1.2 trillion.
- U.S.-EU goods trade hit a record $909.5 billion, more than EU-China goods trade and 25% higher than U.S.-China goods trade.
- U.S. company affiliates in Europe earned an estimated $325 billion, a record high, while European affiliates in the U.S. earned $151 billion, the second highest level ever.
- U.S. exports of liquefied natural gas (LNG) to Europe hit their highest levels ever. The U.S. accounted for more than half of Europe’s LNG imports, and Europe accounted for more than half of U.S. LNG exports to the world.
CO–by the U.S. Chamber of Commerce – U.S. Chamber Action.
Related