2021年跨大西洋经济：美国和欧洲之间的工作，贸易和投资年度调查（英）-美国商会-2021-192页_6mb

Transatlantic Economy 2021: Annual Survey of Jobs, Trade and Investment between the United States and Europe

Core Content Overview

This report provides a comprehensive analysis of the economic relationship between the United States and Europe, focusing on trade, investment, employment, and the digital economy. It highlights the deep integration of the transatlantic economy, despite political and economic challenges, and underscores its significance in the global context.

Key Findings

• Economic Integration: The U.S. and Europe are the most integrated economic partners globally, with $6.2 trillion in total commercial sales annually and up to 16 million jobs created through mutual investment.
• Market Importance: Europe remains the U.S.'s largest export market, and the U.S. is Europe's largest import market, despite the impact of the pandemic and recession.
• FDI and Investment: Mutual foreign direct investment (FDI) is a cornerstone of the transatlantic economy, dwarfing trade in scale. In 2019, 64% of global U.S. investment went to Europe, and 60% of U.S. global investment was sourced from Europe.
• Digital Economy: The transatlantic digital economy is the backbone of global digital connectivity, with 75% of digital content generated in North America and Europe. Transatlantic data flows are significantly higher than transpacific ones, with a 55% increase over transpacific routes and 40% over U.S.-Latin America routes.
• Employment Impact: U.S. and European companies invest heavily in each other's economies, creating significant employment. In 2019, U.S. companies in Europe employed 4.9 million people, while European companies in the U.S. employed 5 million.

Main Points

Transatlantic Investment: The Backbone of Economic Ties

• FDI Dominance: The U.S. and Europe account for 64% of global outward FDI and 61% of global inward FDI. In 2019, the total U.S. FDI stock in Europe was $3.6 trillion, which is 60% of U.S. global investment and four times that in the Asia-Pacific region.
• Impact of Tax Changes: In 2019, U.S. FDI outflows to Europe were negative due to repatriations and divestments, but this was largely due to one-off factors. Excluding holding companies, U.S. FDI stock in Europe reached $1.6 trillion, still more than 2.5 times that in Asia.
• Regional Breakdown: The U.S. investment in the UK ($851 billion) is more than triple that in South America, the Middle East, and Africa combined. Similarly, European investment in the U.S. was $2.9 trillion, over three times that from Asia.
• Top Investors: British, Dutch, German, and Swiss firms are the largest contributors to U.S. FDI. In 2018, European affiliates in the U.S. accounted for nearly 55% of all foreign assets in the U.S.

Transatlantic Trade

• Goods Trade: In 2020, U.S. goods exports to the EU + UK fell to $291 billion (down 13.6%), while U.S. goods imports from the EU + UK were $466 billion. Despite this, the U.S. and Europe remain each other's largest export markets.
• Trade Deficit: The U.S. trade deficit with the EU (including the UK) was $175 billion in 2020, significantly lower than the $310 billion deficit with China.
• State-Level Performance: 48 out of 50 U.S. states exported more to Europe than to China in 2019, with some states seeing export growth over China by as much as nine times.
• Intra-Firm Trade: Intra-firm trade is a major component of transatlantic trade, with 63% of U.S. imports from the EU being intra-firm trade in 2019. This is much higher than intra-firm trade from Asia-Pacific nations (37%).

Transatlantic Services Trade

• Services Leadership: The U.S. and Europe are the two leading services economies in the world, with the U.S. being the largest single country trader in services and the EU the largest regional trader.
• Services Exports and Imports: In 2019, U.S. services exports to Europe reached a record $345 billion, while services imports from Europe were $245 billion. The U.S. had a $100 billion trade surplus in services with Europe.
• Affiliate Sales: Services provided by foreign affiliates are a key driver of transatlantic services trade. In 2019, U.S. affiliates in Europe generated $968 billion in services sales, 2.8 times more than U.S. services exports to Europe.
• Digital Services: Digitally-enabled services account for a significant portion of trade, with 59% of U.S. services exports and 50% of U.S. services imports being digitally-enabled in 2019. The U.S. had a $219.9 billion trade surplus in digitally-enabled services with the world, with Europe as the main partner.

Digital Economy and Connectivity

• Content and Data Flow: North America and Europe produce 75% of global digital content, and transatlantic data flows are 55% higher than transpacific ones.
• Cable Infrastructure: Transatlantic cables are the most critical for global data exchange, with a projected 38% compound annual growth rate until 2025.
• Digital Services Trade: The U.S. and Europe are the two largest net exporters of digitally-enabled services. In 2019, the U.S. exported over $245 billion in digitally-enabled services to Europe and imported $133 billion, creating a surplus of over $112 billion.
• EU27 Digital Services: The EU27 collectively exported €1.1 trillion in digitally-enabled services and imported the same amount. Excluding intra-EU trade, they had a €37 billion deficit.

Key Statistics

Conclusion

The transatlantic economy remains a critical pillar of global commerce, characterized by deep integration in investment, trade, and employment. Despite political uncertainties and the impact of the pandemic, the U.S. and Europe continue to be each other's most important markets and partners, especially in the digital economy. The report emphasizes that mutual investment and digital services are the true drivers of transatlantic economic activity, surpassing traditional trade metrics in importance.