EXPORTS, IMPORTS, and TRADE BALANCE

KEY TRENDS

• In 2005, both total trade between the United States and the European Union (EU) and the U.S. trade deficit with the EU reached 5-year highs. U.S. economic growth was a significant factor in the growth of the U.S. trade deficit with the EU.
  
  
• Trade in aircraft engines and gas turbines increased in both directions as Boeing and Airbus, sourcing components from either side of the Atlantic, each delivered more aircraft in 2005.
  
  
• Medicinal chemicals also experienced increased trade in both directions as multinational pharmaceutical companies used intrafirm transfers to source active pharmaceutical ingredients.
  
  
• U.S. exports of medical goods to the EU increased in 2005 as rapidly aging European populations increased demand for advanced medical technology in which U.S. manufacturers specialize.
  
  
• U.S. imports of energy-related products from the EU increased significantly in 2005, driven by dramatically higher prices.
  
  

TRADE SHIFTS in 2005 from 2004

• U.S. trade deficit: Increased $15.5 billion (13 percent) to $139.6 billion
• U.S. exports: Increased $11.7 billion (8 percent) to $167.4 billion
• U.S. imports: Increased $27.3 billion (10 percent) to $307.0 billion
  
  

LINKS

OTHER GOVERNMENT RESOURCES
U.S. Department of Energy, Energy Information Administration

• Country Analysis Briefs - Europe

U.S. Department of State

• Bureau of European and Eurasian Affairs

Europa, Gateway to the European Union

• Economic and Financial Affairs
• External Trade

U.S. Central Intelligence Agency

• World Factbook
  

SECTOR SHIFTS

| Agricultural Products | Forest Products | Chemicals and Related Products |
| Energy and Related Products | Textiles, Apparel, and Footwear |
| Minerals and Metals | Machinery | Transportation Equipment |
| Electronic Products | Miscellaneous Manufactures |

COUNTRY SHIFTS