Mar 21, 2023

The Transatlantic Economy Set New Records in 2022

The $7.1 trillion transatlantic economy is proving to be remarkably resilient in the face of global economic and strategic disruption. This is the conclusion of a newly published report ‘The Transatlantic Economy 2023’ commissioned by AmCham EU and the U.S. Chamber of Commerce – sponsored in part by AmCham Denmark.

The facts are clear:  No other two regions in the world are as deeply integrated as the U.S. and Europe. And despite what we often hear, the Transatlantic Economy still represents the world’s largest and wealthiest market: 1/3 of global GDP, 16 million jobs and nearly 6 trillion in commercial sales.

About the Report
The Transatlantic Economy report offers the most up-to-date facts and figures about the economic relationship between Europe and the United States. The report highlights that the key drivers of the transatlantic economy – investment, trade and company income – posted strong results again in 2022:

  • U.S.-Europe trade in goods reached an all-time high of $1.2 trillion.
  • U.S.-EU goods trade hit a record $909.5 billion, more than EU-China goods
    trade and 25% higher than U.S.-China goods trade.
  • U.S. company affiliates in Europe earned an estimated $325 billion, a record
    high, while European affiliates in the U.S. earned $151 billion, the second highest level ever.

This year’s 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 ‘de-risking’ strategies, relations with China as well as the green and digital transitions. The study also includes dedicated profiles for 30+ European countries and all U.S. states.

About the Authors
Research for the study was conducted independently by Daniel Hamilton and Joseph Quinlan at the Foreign Policy Institute at Johns Hopkins University’s School of Advanced International Studies, and the Transatlantic Leadership Network.

Key Findings (click to download):
  – Executive Summary
  – Chapter 1: Remarkably Resilient: The Transatlantic Economy in 2023
  – Chapter 2: Jobs, Trade, and Investment: Enduring Ties that Bind
  – Chapter 3: Decoupling, Derisking and Diversifying: Rethinking Russia, China and Global Supply Chains
  – Chapter 4: Transatlantic Energy Transformations
  – Chapter 5: The Digital Drivers of the Transatlantic Economy
  – Chapter 6: The 50 U.S. States: European-Related Jobs, Trade and Investment
  – Chapter 7: European Countries: U.S.-related Jobs, Trade, and Investment

  – Appendix A: European Commerce and the 50 U.S. States
  – Appendix B: U.S. Commerce and Europe – A Country-by-Country Comparison
  – Danish-U.S. Numbers

Download the full report:

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