Weekly Trade Spotlight: U.S.-EU Trade Relations
This week, Ambassador Kirk will travel to Brussels, Belgium to meet with European Union government officials and to attend the German Marshall Fund Brussels Forum. This week's spotlight is trade relations between the United States and the European Union.
The U.S. economic relationship with the 27 member countries of the European Union (EU) is the largest and most complex economic relationship in the world. It is a critical pillar of economic well-being for both partners.
The EU is the number one export market for the United States. Trade in both directions totaled $975 billion in 2008, or almost $3 billion each day. This trade supports 14 million jobs on both sides of the Atlantic. USTR works closely with the EU's governing institutions in Brussels and with EU member state governments to reduce trade barriers and support more well-paying jobs for American businesses and workers.
All across the country, American businesses depend on the U.S.-EU trade relationship. Even in the midst of the economic crisis, as exports to other destinations dried up last year, businesses in many states increased their exports to the EU, and others maintained already strong trade relationships. For example, a San Marcos, Texas manufacturing company sells pressure calibration instruments and systems in Europe, and those sales account for up to 40 percent of its overall revenue. A Lafayette, Louisiana company exports disaster-resistant buildings and secure portable modules to many European countries. In fact, those exports account for 95 percent of its total sales. A Philadelphia, Pennsylvania mobile security company works with businesses in Europe to export its products.
U.S. goods and services exports to the EU totaled $468 billion in 2008. These exports accounted for 21 percent of overall U.S. exports in 2009. The five largest country markets were the United Kingdom, Germany, Netherlands, France, and Belgium.
U.S. exports of agricultural products to EU countries totaled $7.5 billion in 2009, making it the fifth agricultural export market for the United States. Leading categories include tree nuts, soybeans, processed fruit and vegetables, wine and beer, and tobacco.