Commercial Best Prospects

U.S. government engagement in a variety of sectors will continue to contribute towards U.S. business growth and job creation.  These sectors include automotive (e.g., electric vehicles), energy (e.g., smart grids, renewable energy, hydrogen, small modular reactors, and liquified natural gas), the environment, health and medical technologies, manufacturing (e.g., additive manufacturing, advanced manufacturing, and advanced materials), digital technologies, and information and communication technologies.

For information on commercial best prospects in each of the 27 Member States, please consult the relevant Member States’ Country Commercial Guide.

Principal U.S. Exports to the European Union

U.S. exports to the European Union rebounded strongly from pandemic-related trade disruptions, growing from $272 billion in 2021 to $351 billion in 2022, an increase of 28.8%.[1]  U.S. export growth continued in 2023, with sales during the first three quarters of 2023 up an additional 5.8%.  Leading individual EU markets for American goods included the Netherlands ($73.2 billion), Germany ($72.5 billion), France ($46.0 billion) and Belgium ($35.8 billion).  The top non-EU European markets for U.S. goods were the United Kingdom ($76.2 billion) and Switzerland ($36.7 billion).  The top good exports categories to the European Union (based on the two-digit Harmonization System code) in 2022 were mineral fuels—a 175% increase from 2021 due to the energy crisis caused by the war in Ukraine ($108.4 billion)—, nuclear reactors and associated parts ($49.9 billion), pharmaceuticals ($37.9 billion), optical and medical instruments ($27.2 billion), and electrical machinery and parts ($19.8 billion).

The European Union is also a critical international market for American services exports.  In 2022, U.S. services exports to the EU totaled $241 billion, giving the United States a surplus of $71 billion.   Leading services exports from the U.S. to European Union were in intellectual property (licenses and research and development), professional and management services, and the financial services sectors.

For detailed information, consult, among other sources, the U.S. Department of Commerce, Bureau of Economic Analysis.

Principal U.S. Imports from the European Union 

In 2022, the United States imported goods from the European Union valued at $553 billion.  Leading source countries were Germany ($146.6 billion), Ireland (82.6 billion) Italy ($69.1 billion), and France ($57.3 billion).  The top goods import categories (based on the two-digit Harmonization System code), based on 2022 data, were pharmaceuticals ($92.1 billion), nuclear reactors and parts ($83.6 billion), vehicles ($53.6 billion), electrical machinery and parts ($37.1 billion), and optical and medical instruments ($36.3 billion).  Leading services imports from the European Union to the United States generally include travel, transport, intellectual property and education.  In 2023, 90,000 Europeans were enrolled in American universities and educational institutions.

For detailed information, consult, among other sources, the U.S. Department of Commerce Bureau of Economic Analysis.

[1] According to the data from the European Central Bank, the exchange rate between the euro and the U.S. dollar was $1.183 in 2021, dropping to $1.053 in 2022, and increasing slightly to $1.080 in 2023 based on estimated end-of-the year figures.