WASHINGTON, D.C. AND BRUSSELS – A new report from the American Chamber of Commerce to the EU (AmCham EU) and the U.S. Chamber of Commerce highlights that the key drivers of the transatlantic economy – investment, trade and company income – posted strong results again in 2022. Despite the war in Ukraine, supply chain disruptions, dramatic energy shifts, high inflation and tightening financial conditions, last year was record-breaking across a range of indicators:
- U.S.-Europe trade in goods reached an all-time high of $1.2 trillion (€1.12 trillion.)
- U.S. company affiliates in Europe earned an estimated $325 billion (€303 billion), while European affiliates in the US earned $150 billion (€140 billion), the second highest level ever.
- U.S. exports of liquefied natural gas (LNG) to Europe hit their highest levels ever. U.S. exporters shipped roughly 2.5 times more LNG supplies to Europe in 2022 than in 2021.
The report also outlines avenues to advance the EU-U.S. partnership with the Trade and Technology Council and new opportunities to foster innovation and reduce strategic dependencies in the area of green technology.
To download the report, please click here.
Marjorie Chorlins, the U.S. Chamber’s senior vice president for Europe, said, “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.”
This edition features new insights into the impact of the war in Ukraine, international sanctions on Russia, transatlantic energy transformations, the reconfiguration of global supply chains with ‘derisking’ strategies, relations with China as well as the green and digital transitions. It also includes individual profiles for 30+ European countries, with Ukraine surveyed for the first time, and all 50 US states.
This year marks the 20th edition of The Transatlantic Economy, the annual survey of transatlantic jobs, trade and investment. The award-winning publication is authored by Daniel Hamilton and Joseph Quinlan at the Foreign Policy Institute, School of Advanced International Studies, Johns Hopkins University and the Transatlantic Leadership Network.
The data is also available on Thriving Together, an online platform that showcases the deep ties that bind Europe and the United States, including numbers from The Transatlantic Economy 2023. Visit the platform: thrivingtogether.eu.
The American Chambers of Commerce in Denmark, Finland, Greece, Ireland, Italy, Luxembourg, Romania and Sweden are partners of this year’s edition.