This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 6/3/2016

In his 2010 State of the Union address, President Obama announced the National Export Initiative (NEI) to renew and revitalize U.S. efforts to promote American exports abroad.  The Obama Administration made it a top priority to improve the conditions that directly affect the private sector’s ability to export – working to remove trade barriers abroad, helping firms to overcome hurdles in market entry and assisting with financing.

The Obama Administration, building on the success of NEI, has launched NEI/NEXT http://www.trade.gov/neinext/: a new customer service-driven strategy with improved information resources that ensure American businesses are fully able to capitalize on expanded opportunities to sell their goods and services abroad.  NEI/NEXT will help more American companies reach more overseas markets by improving data, providing information on specific export opportunities, working closely with financial organizations and service providers, and partnering with states and communities to empower local export efforts. 

The Department of Commerce and the Commercial Service continue to be a major force in this effort.  To contribute to NEI efforts within the European Union, Commercial Service EU has focused its work on: 1) avoiding the creation of unnecessary regulatory and standards barriers to transatlantic trade and investment in key emerging sectors; 2) working with the EU to remove common market access barriers in third countries and enforcing and protecting intellectual property rights; and 3) promoting entrepreneurship and innovation in support of SME development, job creation and economic growth. 

U.S. Government engagement in such sectors as automotive (e-vehicles), chemicals, energy and environment (smart grids, renewables), health and medical technologies, and information and communications technology will continue to contribute towards meeting the goals of the NEI/NEXT. 


Overview   

 

2015

2016(est)

GDP (nominal)

 16,220

16,477^^

Total EU Exports to the world

1,986.6

1703.4 **

Total EU Imports from the world

1,916.6

1,756.2 **

Import of goods from the U.S.

 272.7

258.0

Export of goods to the U.S.

426.0

370.2

Exchange Rate (Euro Zone): 1 Euro ^
 

$1.1095

1.1100

Unit: USD billions
Data Sources: 
* U.S. Census Bureau only 2 months of data available; Figures are a straight avg. over 12-months.
^ 2015-2016: European Central Bank (ECB) exchange rate
** Global Trade Atlas as of April 2016, 
^^ International Monetary Fund, World Economic Outlook Database, 2016

Principal U.S. Exports to European Union in 2015: Machinery (19.35%); Pharmaceutical Products (11.43%); Aircraft, Spacecraft & Parts (10.11%); Optical, Medical Instruments (9.31%); Electrical Machinery (7.53%) Mineral Fuel, Oil (5.00%). Principal U.S. Exports of Services to the EU in 2014:  Charges for use of IP (24.5%), Travel (15%), Financial Services (14.5%), and Professional and Management Consulting (12%). 

Principal U.S. Imports from European Union in 2015: Machinery (17.88%); Vehicles (14.26%); Pharmaceutical Products (12.98%); Optical, Medical Instruments (6.88%); Organic Chemicals (6.11%); Aircraft, Spacecraft & Parts (4.58%). Principal U.S. Imports from the EU in 2014:  Transport (19.7%), Travel (18.9%), Charges for use of IP (11%), Professional and Management Consulting (10.3%, and Insurance (9%).


Web Resources

European Commission, Directorate-General for Trade, EU-U.S. trade factsheet: http://trade.ec.europa.eu/doclib/docs/2006/september/tradoc_113465.pdf




European Union 28 All Trade Development and Promotion