EU - USA Summit

An EU27 surplus in trade in goods with the USA of more than 80 bn euro in 2007

Surplus of 11 bn in trade in services

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.

EU trade with the USA is dominated by manufactured goods. In 2007, more than two-fifths of EU27 trade flows with the USA were machinery and vehicles¹, while chemicals and other manufactured articles¹ each accounted for more than a fifth of imports and exports. At the detailed level, the main EU27 exports to the USA were motor cars, medicine, aircraft and engines, and crude and refined oil, while the main imports were aircraft and engines, motor cars and medicine.

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%).

Most Member States recorded a surplus in trade with the USA in 2007, the largest being registered by Germany (+38 bn), Italy (+13 bn) and Ireland (+9 bn). The Netherlands² (-9 bn) recorded the only significant deficit.

EU27 Member States trade in goods with the USA

million euro

	Exports		Imports		Balance
	2000	2007	2000	2007	2000	2007
EU27	238 203	261 338	206 280	180 930	31 923	80 408
Belgium2	11 924	17 755	14 399	16 104	-2 475	1 651
Bulgaria	207	312	207	236	0	76
Czech Republic	888	1 727	1 409	1 064	-520	663
Denmark	3 320	4 601	2 101	2 289	1 219	2 311
Germany	61 765	73 031	39 048	34 778	22 716	38 254
Estonia	46	335	101	134	-55	201
Ireland	14 141	15 806	8 904	6 861	5 237	8 944
Greece	692	693	1 170	1 261	-478	-568
Spain	6 052	7 410	7 406	8 229	-1 354	-818
France	30 492	24 812	26 683	19 629	3 809	5 183
Italy	26 659	24 390	13 517	11 087	13 142	13 303
Cyprus	14	6	206	77	-192	-70
Latvia	76	82	69	128	7	-47
Lithuania	193	321	140	393	53	-71
Luxembourg	364	299	419	709	-55	-410
Hungary	1 603	1 653	1 328	962	275	691
Malta	727	241	393	128	334	113
Netherlands2	11 053	17 690	24 030	26 291	-12 977	-8 601
Austria	3 661	5 847	3 198	2 653	463	3 194
Poland	1 092	1 524	2 370	1 544	-1 278	-19
Portugal	1 525	1 784	1 279	947	246	837
Romania	408	593	430	688	-22	-95
Slovenia	295	337	326	280	-31	57
Slovakia	184	1 051	278	398	-94	653
Finland	3 758	4 194	1 798	1 339	1 960	2 855
Sweden	8 919	9 350	5 557	3 444	3 362	5 906
United Kingdom	48 146	45 494	49 515	39 279	-1 368	6 215
Total Extra-EU27	849 739	1 238 847	992 698	1 424 424	-142 959	-185 577
USA / Total	28.0%	21.1%	20.8%	12.7%

EU27 trade in goods with the USA by product

million euro

	Exports		Imports		Balance
	2000	2007	2000	2007	2000	2007
Total	238 203	261 338	206 280	180 930	31 923	80 408
Primary products:	22 635	32 430	16 491	18 838	6 144	13 593
Food & drink	9 229	11 161	6 143	5 860	3 086	5 301
Crude materials	2 342	3 076	8 105	8 831	-5 763	-5 754
Energy	11 064	18 193	2 243	4 147	8 821	14 046
Manufactured goods:	211 392	222 287	183 653	151 622	27 739	70 665
Chemicals	35 279	55 676	26 609	35 693	8 670	19 982
Machinery & vehicles1	115 311	108 062	116 391	79 018	-1 080	29 044
Other manuf?d articles1	60 802	58 549	40 654	36 910	20 148	21 639
Other	4 176	6 621	6 136	10 471	-1 960	-3 850

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).

Among the Member States, and as for trade in goods, the United Kingdom (29% of total exports and 19% of total imports in 2006) and Germany (14% and 17% respectively) were the largest traders of services with the USA. The largest surpluses in 2006 were registered by the United Kingdom (+17 bn), Greece (+5 bn), Belgium (+3 bn) and France (+2 bn), and the largest deficits by Ireland (-13 bn), the Netherlands and Germany (both
-2 bn).

EU27 trade in services with the USA

million euro

	Credit			Debit			Net
	2005	2006	2007*	2005	2006	2007*	2005	2006	2007*
Total	123 159	134 664	139 037	118 228	122 067	127 865	4 931	12 597	11 172
of which:
Transportation	31 896	31 991	30 749	20 083	20 306	18 854	11 813	11 685	11 895
Travel	18 616	19 925	19 753	16 713	16 406	17 353	1 904	3 519	2 401
Other services	72 364	82 746	88 460	80 852	85 353	91 539	-8 488	-2 607	-3 079
of which:
Communications services	2 891	3 336	3 138	2 853	3 342	3 199	38	-5	-61
Construction services	1 052	896	905	576	607	757	476	289	148
Insurance services	395	7 225	6 699	1 530	2 029	2 465	-1 135	5 196	4 233
Financial services	11 540	13 192	17 592	6 246	7 451	8 537	5 294	5 741	9 055
Computer and information services	6 644	6 786	6 333	4 703	5 192	5 291	1 941	1 594	1 042
Royalties and license fees	10 415	9 730	9 397	21 045	20 866	22 160	-10 630	-11 136	-12 763
Other business services	34 580	36 955	40 311	38 117	40 195	43 462	-3 538	-3 240	-3 151
Personal, cultural and recreational services	1 849	1 848	1 916	3 909	3 346	3 421	-2 060	-1 498	-1 505
Government services, other	2 999	2 778	2 170	1 874	2 327	2 248	1 125	451	-77
Total extra-EU27	402 856	441 556	501 427	349 989	373 059	413 036	52 867	68 497	88 391
USA / total extra-EU27	31%	30%	28%	34%	33%	31%

* Provisional data

EU27 Member States* trade in services with the USA

million euro

	Credit		Debit		Net
	2005	2006	2005	2006	2005	2006
EU27	123 159	134 664	118 228	122 067	4 931	12 597
Belgium	5 972	6 212	3 585	3 344	2 387	2 868
Bulgaria	111	134	94	102	17	32
Czech Republic	561	474	519	428	42	47
Denmark	4 839	5 838	4 370	5 488	469	349
Germany	19 024	19 130	19 514	20 674	-491	-1 545
Estonia	114	98	58	55	56	43
Ireland	4 133	8 308	19 883	21 307	-15 750	-12 999
Greece	7 391	7 599	2 886	2 778	4 505	4 821
Spain	5 985	5 949	5 393	5 756	592	193
France	11 468	11 512	9 269	9 557	2 199	1 955
Italy	6 928	8 083	6 925	7 085	3	998
Cyprus	472	421	267	264	205	157
Latvia	129	126	60	68	69	59
Lithuania	100	110	65	55	36	55
Luxembourg	1 626	2 024	1 742	2 003	-116	21
Hungary	1 002	859	1 633	1 279	-631	-420
Malta	32	89	55	58	-23	31
Netherlands	8 548	8 340	9 850	9 886	-1 302	-1 546
Austria	1 941	1 340	2 243	803	-301	537
Poland	922	1 083	922	1 119	-1	-36
Portugal	527	585	489	533	38	52
Romania	392	596	224	222	167	373
Slovenia	56	49	81	84	-25	-35
Slovakia	203	184	256	176	-53	8
Finland	636	605	1 241	1 704	-605	-1 099
Sweden	5 101	5 224	4 224	4 477	877	747
United Kingdom	34 947	39 693	22 378	22 750	12 570	16 944

* Data not yet available for 2007

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.

EU27 FDI flows with the USA

(million euro)

	2004	2005	2006	2007*
EU27 FDI in the USA (outward)	15 496	31 292	78 988	112 645
USA FDI in the EU27 (inward)	11 522	67 289	73 942	144 508
Net EU27 FDI flows (outward minus inward)	3 974	-35 997	5 046	-31 863

* Provisional data

1. Machinery and vehicles includes power generating and industrial machinery, computers, electric and electronic parts and equipment, road vehicles and parts, ships, airplanes and railway equipment.

Other manufactured articles include leather, rubber, wood, paper, textiles, metals, building fixtures and fittings, furniture, clothes, shoes and accessories, scientific instruments, clocks, watches and cameras.

2. Dutch imports, and therefore the trade deficit, are over-estimated because of the ?Rotterdam effect?, where goods destined for the rest of the EU arrive and are recorded in harmonised EU external trade statistics in Dutch ports. This then has a positive effect on the external trade balances with the USA of those Member States to which the goods are re-exported, as these shipments would be recorded as intra-EU trade with the Netherlands, rather than extra-EU trade with the USA. To a lesser extent, Belgian trade figures are similarly over-estimated.