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The balance of trade for goods is the net amount of EU and US exports and imports over a stated period of time. In 2019, the trade balance of goods between EU and the US shows a European surplus, meaning that the value of European exports to the US exceeds the value of American goods imported into the EU, notwithstanding the new tariffs adopted by the US against European foods (discussed previously here).
Imports:
In 2018, EU countries together ranked 1st as the general products export market for the US. The top general goods exported were: aircraft ($46.5 billion), machinery ($34.2 billion), mineral fuel (oil) ($28.5 billion), optical and medical instruments ($27.7 billion), and pharmaceuticals ($26.6 billion).
In the same period, EU countries together ranked 3rd as agricultural products export market for the U.S. Top exported agricultural products were: soybeans ($3.1 billion), tree nuts ($2.8 billion), wine and beer ($563 million), and processed food ($555 million). (source: https://ustr.gov/countries-regions/europe-middle-east/europe/european-union).
The following bullet points report the import values (in millions of U.S. dollars)between the US, EU, France, Germany, Switzerland, and Italy for 2018 and 2019 (data updated at October 2019).
Exports*:
In 2018, EU countries together ranked 2nd as general and agricultural goods import market to the U.S.
Top imported goods included: machinery ($80.2 billion), pharmaceuticals ($71.9 billion), vehicles ($56.4 billion), optical and medical instruments ($32.3 billion), electrical machinery ($28.1 billion), wine and beer ($6.4 billion), essential oils ($3.2 billion), snack foods (including chocolate) ($1.7 billion), vegetable oils ($1.4 billion), processed fruits, and vegetables ($1.3 billion) (source: https://ustr.gov/countries-regions/europe-middle-east/europe/european-union)
The following list reports exports’ value in millions of U.S. dollars between the US, EU, France, Germany, Switzerland, and Italy for 2018 and 2019 (data updated at October 2019).
Trade balance:
The European trade goods surplus with the US is + 168,660.4 [LM1] [T2] for 2018 compared to + 149,458.0 for 2019;
The Italian trade goods surplus with USA was + 31,945.7 for 2018 compared to + 27,812.5 for 2019;
The French trade goods surplus with USA was + 15,814.9 for 2018 compared to + 17,750.5 for 2019;
The German trade goods surplus with USA was + 68,096.0 for 2018 compared to + 56,080.8 for 2019;
The Swiss trade goods surplus with USA was + 18,920.2 for 2018 compared to + 21,859.8 for 2019.
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