Taking goods and services together, the EU and the USA account for the largest bilateral trade relationship in the world. The significant amount of bilateral trade and investment illustrates a high degree of interdependence of the two economies.

On the occasion of the European Union - USA summit, which will take place on Tuesday 10 June in Brdo in Slovenia, Eurostat, the Statistical Office of the European Communities, issues data on trade and investments between the USA and the EU.

USA: 21% of EU exports of goods and 13% of imports

The most notable feature of EU-USA trade in goods over recent years has been the growth in the EU27 surplus, from 32 billion euro in 2000 to 80 bn in 2007. This increase in the surplus is due both to an increase in exports to the USA (from 238 bn in 2000 to 261 bn in 2007), and to a decrease in imports from the USA (from 206 bn to 181 bn). In relative terms, EU27 exports to the USA fell from 28% of total EU27 exports in 2000 to 21% in 2007 and imports declined from 21% to 13% over the same period. While the USA remains the largest export destination for the EU27, it has been overtaken as a source of imported goods by China.

Largest surpluses with the USA recorded by Germany, Italy and Ireland

Among the Member States, Germany was the largest exporter to the USA in 2007, with 73 bn euro, or 28% of the total, followed by the United Kingdom (45 bn or 17%), France (25 bn or 9%) and Italy (24 bn or 9%). The United Kingdom (39 bn or 22%) and Germany (35 bn or 19%) were also the largest importers, followed by the Netherlands2 (26 bn or 15%) and France (20 bn or 11%).

USA: 30% of extra-EU27 trade in services

In 2007, the EU27 exported 139 bn euro of services to the USA, while imports of services from the USA amounted to 128 bn, meaning that the EU27 had a surplus of 11 bn in trade in services with the USA. This surplus was mainly due to transportation services (+12 bn), as well as financial services (+9 bn) and insurance services (+4 bn), while royalties and license fees recorded the largest deficit (-13 bn).

Large increase in EU27 FDI flows with the USA

Foreign Direct Investment (FDI) flows between the EU and the USA have grown in recent years, with EU27 investment in the USA rising from 15 bn euro in 2004 to 31 bn in 2005, 79 bn in 2006 and 113 bn in 2007, while USA direct investment into the EU27 increased from 12 bn in 2004 to 67 bn in 2005, 74 bn in 2006 and 145 bn in 2007.