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Key Economic Trends
- In 2009, the U.S. merchandise trade deficit with the European Union (EU) decreased for the fourth year in a row, declining by 33 percent as U.S. imports from the EU showed a much sharper decline than did U.S. exports of goods to the EU.
- U.S.-EU trade in 2009 was negatively affected by the economic downturn and rising unemployment in both regions. The EU was both the third-largest regional market for U.S. exports and the third-largest source of U.S. imports in 2009, after Asia and Latin America.
- Nearly one-half of the decrease in U.S. imports from the EU was attributable to declines in imports of transportation equipment and energy-related products. U.S. imports of motor vehicles registered the largest declines within the transportation sector, while U.S. imports of petroleum products registered the largest declines in energy-related products.
Trade Shifts from 2008 to 2009
- U.S. trade deficit: Decreased by $36.8 billion (33 percent) to $75.7 billion
- U.S. exports: Decreased by $48.8 billion (19 percent) to $202.4 billion
- U.S. imports: Decreased by $85.6 billion (24 percent) to $278.1 billion
Other Government Resources
U.S. Central Intelligence Agency
World Factbook - EU
U.S. Department of Energy, Energy Information Administration
Country Analysis Brief – Europe
U.S. Department of State
Regional Topics – European Union
Europa, Gateway to the European Union
Economic and Financial Affairs