European Union - Commercial SectorEuropean Union - Commercial Sector
U.S. Government engagement in such sectors as automotive (e-vehicles), chemicals, energy and environment (smart grids, renewables), health and medical technologies, manufacturing (advanced manufacturing, additive manufacturing, advanced materials), digital, and information and communications technology will continue to contribute towards U.S. businesses growth and job creation.
The Department of Commerce and the Commercial Service European Union office (CSEU) continue to be a major force, focusing its work on supporting and protecting U.S. commercial interests by: counseling U.S. firms on EU market entry requirements, standards, and legislation; monitoring legislative developments that may impact U.S. commercial interests; and advocating on behalf of U.S. companies to ensure that the EU remains open to U.S. commercial activity.
The CSEU works to resolve market access barriers that impede U.S. commercial activities in Europe assists companies/industries experiencing with specific issues, identifies and works to reduce technical barriers to trade such as technical and standards regulations, product standards and testing, and certification procedures that hamper U.S. exports.
|Unit: USD millions||2015||2016||2017 (estimate)|
|GDP (nominal)||16,220 ^^||16,477 ^^||17,094 ^^|
|Total EU Exports to the world||1,983.9 **||1,930.9 **||1,987.0 *^|
|Total EU Imports from the world||1,918.9 **||1,889.8 **||1,960.2 *^|
|Import of goods from the U.S.||273,916 ***||271,663 ***||282,627 *|
|Export of goods to the U.S.||430,865 ***||419,453 ***||435,192 *|
|Exchange Rate (Euro Zone): 1 Euro ^||$1.1095 ^||$1.1069 ^||$1.0628 ^|
* U.S. Census Bureau only 2 months of data available; Figures are a straight avg. over 12-months.
** Global Trade Atlas, U.S. Department of Commerce Bureau of Economic Analysis
*** U.S. Bureau of Economic Analysis- International Data
*^ Eurostat only 1 month of data available; Figures are a straight avg. over 12-months; converted from euros to USD using 2017 exchange rate estimate
^ Eurostat- Exchange Rates
^^ International Monetary Fund, World Economic Outlook Database, 2016
^^^ March 2017 ECB staff macroeconomic projections for the euro area. European Central Bank; Eurosystem
Principal U.S. Exports to European Union in 2016:
Aircraft, Spacecraft & Parts (11.60%)
Pharmaceutical Products (11.49%)
Optical, Medical Instruments (9.17%)
Electrical Machinery (7.49%)
Principal U.S. Imports from European Union in 2016:
Pharmaceutical Products (12.92%)
Electrical Machinery (7.58%)
Optical, Medical Instruments (7.30%)
Organic Chemicals (5.71%)
Source: Global Trade Atlas, U.S. Department of Commerce Bureau of Economic Analysis
European Commission, Directorate-General for Trade, EU-U.S. trade factsheet
European Union 28 Industry Taxonomy Trade Development and Promotion