US-Europe trade in goods at all-time high of $1.2 trn in 2022: Report

The key drivers of the transatlantic economy—investment and trade—posted strong results again in 2022. US-EU goods trade hit a record $909.5 billion, more than EU-China goods trade and 25 per cent higher than US-China goods trade.

US and European goods exports to the world (excluding intra-EU trade) accounted for 20 per cent of global exports in 2021, as per the ‘Transatlantic Economy 2023’ report by the US Chamber of Commerce.

US company affiliates in Europe earned an estimated $325 billion, while European affiliates in the US earned $150 billion, the second highest level ever.

The report also outlined avenues to advance the EU-US partnership with the Trade and Technology Council and new opportunities to foster innovation and reduce strategic dependencies in the area of green technology. US companies in Europe have become a driving force for Europe’s green revolution, accounting for more than half of the long-term renewable energy purchase agreements signed in Europe since 2007. Furthermore, European companies are the leading source of foreign direct investment (FDI) in the US energy sector, the report added.

“The Transatlantic Economy 2023 report underscores what businesses on both sides of the Atlantic already know:  Ours is the most important commercial relationship globally, and transatlantic trade and investment ties go from strength to strength each year.  But there is no room for complacency: We must deepen those ties, avoid discriminatory policies, especially in the digital sphere, and craft collaborative approaches on key issues like the green transition and China’s anticompetitive practices,” said Marjorie Chorlins, the US Chamber’s senior vice president for Europe.

Fibre2Fashion News Desk (DP)