Economic Importance of Europe for the U.S.

Europe has more of the Gross World Product than any other region--in 1992, 35% at market exchange rates and 27% at purchasing power parity exchange rates.

Europe was the U.S.' second-largest customer in 1993, taking 31% of U.S. exports of goods and services exports (exceeded only by Asia with 33%).

Europe was the U.S.' second-largest supplier in 1993, providing 29% of U.S. imports of goods and services, (exceeded only by Asia with 41%).

Europe provides the U.S. with relatively
balanced trade, with a $7 billion U.S. merchandise trade deficit in 1993 (compared to $115 billion
for Asia).

About 50% of U.S. direct investment abroad is in Europe, and over 60% of foreign direct investment in the U.S. is from Europe.

Nearly 3 million Americans are employed in the U.S. by European-owned firms, and 1.5 million American workers are supported by U.S. exports to Europe.