US Exports to EU Rose Almost 6% in 2019
Exports to the European Union rose by 5.9% in 2019, the U.S. Chamber of Commerce said in its annual report on the business ties between Western Europe and the U.S. Exports to Belgium, Spain, Austria, Bulgaria and Denmark were all up by double digits, with the most growth in Austria, where exports were 60% above 2018 levels. However, the growth was about half the pace of 2018, when exports to the EU grew by 11%.
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Imports from the EU, $515 billion, grew as well, so that the goods trade deficit of $178 billion was a record high. The U.S. imports 29% of all of EU auto exports; the EU imports 19% of U.S. auto exports. However, consumer goods exports are just part of the picture. Intra-firm trade accounted for 37% of U.S. exports to Europe.