Linkages Between the US and Europe

Apollo Chief Economist

Sales by European companies in the US are about eight times bigger than US goods imports from Europe, see the first chart.

Similarly, US companies’ sales in Europe are dramatically higher than European goods imports from the US, see the second chart.

The bottom line is that the US and European economies are not only linked via goods trade but also via sales of European companies in the US and sales of US companies in Europe.

Europe sells more in the US through local affiliates than through trade
Data as of 2022. Sources: US Bureau of Economic Analysis (BEA), Macrobond, Apollo Chief Economist
The US sells more in Europe through local affiliates than through trade
Data as of 2022. Sources: US Bureau of Economic Analysis (BEA), Macrobond, Apollo Chief Economist

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