The Transatlantic Economy 2024 presents the most up-to-date facts and figures about the economic relationship between Europe and the United States. The research 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. The study includes dedicated profiles for 30+ European countries and all U.S. states.

2023 was record-breaking on multiple fronts:

• Sales by European affiliates of U.S. companies reached a record high of $3.8 trillion; sales by U.S. affiliates of European firms hit a record high of $3.1 trillion.

• U.S.-Europe goods trade reached an all-time high of $1.22 trillion in 2023 – double the U.S.-China goods trade of $575 billion.

• U.S.-EU goods trade hit a record of $946 billion, 39% higher than U.S.-China goods trade of $575 billion and 16% higher than EU-China goods trade of $798 billion.

• U.S. goods exports to Europe reached a record high of $498 billion.

• U.S. company affiliates in Europe earned an estimated $350 billion, a record high; European affiliates in the U.S. earned an estimated $190 billion, a record high.

• The U.S. became Europe’s most important supplier of liquefied natural gas (LNG) and petroleum oil, accounting for 50% of EU LNG imports and 18% of EU petroleum oil imports.

• Europe became the top purchaser of U.S. crude oil and the U.S.’s most important LNG export market, accounting for more than 60% of U.S. LNG exports in 2023, double U.S. flows going to Asia.

The Transatlantic Economy 2024 offers key and often counterintuitive insights into the role of the United States and Europe in the global economy that have important implications for policymakers, business leaders, and local officials.