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Germany, Europe and the US: how is their trading relationship?

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Did you know that the United States was the largest partner for Europe (EU) in exporting goods in 2022?

The EU and the United States have always had a complex trade relationship. Nowadays, this trend is even more pronounced. We can observe that both imports and exports have doubled from 2012 to 2022. For instance, exports in 2012 amounted to 248.2 billion euros, while in 2022, the total was 509.3 billion euros. This data well demonstrates how these two realities are essential trade partners for each other.

Germany is currently the most dynamic trade partner with the US, holding the top position in both exports and imports of goods.

What are they trading the most? Among the most exported goods in 2022, machinery and vehicles (37%) took the lead, followed by chemicals (29%) and other manufactured goods (22%).

In terms of billions of euros, the EU mainly imports resources from the United States. Natural gas, whether liquefied or not, and crude petroleum oils are the most exported goods from the United States, largely due to the conflict between Russia and Ukraine. The United States has replaced them as a worldwide source. As for the most exported goods to the United States, medicinal and pharmaceutical products remain in the top spot, followed by medicaments and motor cars and motor vehicles.

It goes without saying that conjunctural and structural situations greatly influence the dynamism and trading trends between Europe and the United States. Although the future cannot be as certain, what we can know for sure from these insights is how the US and Europe bonded over trades across 2022 and 2023; a trend that seems destined to continue in the next future.

Source: Eurostat Statistics Explained, February 2023 “USA-EU – international trade in goods statistics”, https://ec.europa.eu/eurostat/statistics-explained/index.php?title=USA-EU_-_international_trade_in_goods_statistics