Despite Headwinds, the Transatlantic Economy Set New Records in 2022

Brussels and Washington, DC, 21 March 2023 – Sponsored in part by AmCham Sweden, 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 €1.12 trillion ($1.2 trillion).

•U.S. company affiliates in Europe earned an estimated €303 billion ($325 billion), while European affiliates in the U.S. earned €140 billion ($150 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.

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 U.S. 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.