EU-U.S. Goods Trade Hits Record High in 2024 Despite Sharp Drop in Auto Exports

In 2024, total goods trade between the European Union and the United States reached a record high of USD 1.00 trillion (EUR 875 billion). EU exports to the U.S. rose by 7.7% to EUR 580 billion, while imports from the U.S. increased by 2.2% to EUR 295 billion, resulting in a goods trade surplus for the EU of nearly EUR 285 billion. Despite the overall expansion in trade volume, certain sectors faced significant setbacks. In 2024, EU exports of motor vehicles and parts to the U.S. declined by 20.4% year-on-year, with Germany—the leading exporter—seeing an 18.9% drop. Germany accounted for nearly two-thirds of the EU’s total vehicle exports to the United States. Meanwhile, transatlantic trade in services also hit a record EUR 865 billion during the same period, though the EU recorded a services trade deficit of EUR 178 billion. Notably, EU imports of U.S. services related to intellectual property—including software licenses, patents, and trademarks—rose by 13.7% year-on-year, accounting for over 40% of total services imports.