EU-U.S. Economic Ties: Framework, Scope, and Magnitude
Abstract
The United States and the European Union (EU) economic relationship is the largest in the world - and it is growing. The modern U.S.-European economic relationship has evolved since World War II, broadening as the six-member European Community expanded into the present 27-member European Union. The ties have also become more complex and interdependent, covering a growing number and type of trade and financial activities. In 2006, $1,629.7 billion flowed between the United States and the EU on the current account, the most comprehensive measure of U.S. trade flows. The EU as a unit is the largest merchandise trading partner of the United States. In 2006, the EU accounted for $214.0 billion of total U.S. exports (or 20.6%) and for $330.5 billion of total U.S. imports (or 17.8%) for a U.S. trade deficit of $116.5 billion. The EU is also the largest U.S. trade partner when trade in services is added to trade in merchandise, accounting for $143.3 billion (or 33.9% of the total in U.S. services exports) and $129.07 billion (or 37.6% of total U.S. services imports). In addition, in 2006, a net $111.9 billion flowed from U.S. residents to EU countries into direct investments, while a net $119.4 billion flowed from EU residents to direct investments in the United States.
Document Details
- Document Type
- Technical Report
- Publication Date
- Oct 17, 2007
- Accession Number
- ADA486065
Entities
People
- William H. Cooper
Organizations
- Library of Congress