Transatlantic trade spans modern commercial exchange and a much longer, often coercive maritime history. In 2024, U.S. goods exports to Europe were $503,028.9 million and imports were $771,938.1 million, while the European Union reported €531.6 billion in goods exports to the United States and €333.4 billion in imports. These figures use different currencies and geographic definitions, so they should be read as separate statistical views rather than added together. U.S. Census Bureau, “International Trade”; Eurostat, “Trade in goods with the United States in 2024”
Contents
- Modern goods trade at a glance
- Monthly U.S.–Europe goods flows in 2024
- How 2024 compares with 2023
- What crossed the Atlantic in 2024
- Services trade and the U.S. role
- Historical trans-Atlantic slave-trade estimates
Modern goods trade at a glance
The U.S. Census Bureau’s annual Europe table reports nominal, seasonally unadjusted U.S. dollars in millions. Its Europe geography is broader than the European Union, an important limitation when comparing it with Eurostat’s EU-specific figures.
| Measure | 2023 | 2024 |
|---|---|---|
| U.S. goods exports to Europe | $498,107.9 million | $503,028.9 million |
| U.S. goods imports from Europe | $725,454.7 million | $771,938.1 million |
| U.S. goods-trade balance | -$227,346.8 million | -$268,909.2 million |
In the Census series, U.S. exports of goods to Europe totaled $503,028.9 million in 2024, against imports of $771,938.1 million. The resulting U.S. deficit was $268,909.2 million. In 2023, exports were $498,107.9 million and imports were $725,454.7 million, producing a $227,346.8 million deficit. International Trade
Eurostat’s EU–United States view uses euros and EU definitions. The EU exported €531.6 billion in goods to the United States in 2024 and imported €333.4 billion, resulting in a €198.2 billion goods-trade surplus. Compared with 2023, EU goods exports to the United States rose 5.5% in 2024, while EU goods imports from the United States fell 4.0%. Trade in goods with the United States in 2024
The two annual accounts describe related but non-identical flows. The Census table covers a broader Europe geography and reports dollars; Eurostat covers EU extra-EU and EU–United States definitions and reports euros. Currency conversion, country coverage, and statistical treatment should therefore be kept explicit.
Monthly U.S.–Europe goods flows in 2024
The 2024 monthly pattern in the Census series shows a U.S. goods deficit in every listed month. Exports were highest in March at $44,218.4 million, while imports were highest in December at $73,301.3 million. December also had the largest monthly deficit, at $33,735.2 million.
| Month | U.S. exports | U.S. imports | Deficit |
|---|---|---|---|
| January | $41,184.4m | $58,661.3m | $17,476.9m |
| February | $42,748.1m | $55,277.5m | $12,529.5m |
| March | $44,218.4m | $62,787.8m | $18,569.5m |
| April | $41,541.9m | $67,482.0m | $25,940.1m |
| May | $40,477.8m | $63,205.5m | $22,727.7m |
| June | $41,753.8m | $61,768.8m | $20,015.0m |
| July | $39,990.8m | $66,818.8m | $26,828.0m |
| August | $43,563.8m | $64,859.3m | $21,295.5m |
| September | $40,881.2m | $64,158.9m | $23,277.7m |
| October | $43,579.7m | $66,274.9m | $22,695.2m |
| November | $43,522.8m | $67,341.8m | $23,818.9m |
| December | $39,566.1m | $73,301.3m | $33,735.2m |
February recorded the smallest monthly deficit at $12,529.5 million. Exports were below $40,000 million in July and December, at $39,990.8 million and $39,566.1 million respectively. Imports exceeded $66,000 million in April, July, October, November, and December. International Trade
How 2024 compares with 2023
The 2023 monthly figures also show a deficit in every month, but the month-to-month profile differs. U.S. exports reached $45,921.2 million in March 2023, the highest monthly export figure across the two listed years. Imports reached $63,894.0 million in October 2023.
| Month | 2023 exports | 2023 imports | 2023 deficit |
|---|---|---|---|
| January | $42,897.0m | $59,569.0m | $16,672.0m |
| February | $39,920.8m | $55,790.3m | $15,869.5m |
| March | $45,921.2m | $63,541.3m | $17,620.2m |
| April | $40,295.0m | $60,396.3m | $20,101.3m |
| May | $41,668.5m | $62,946.4m | $21,277.9m |
| June | $40,198.0m | $61,856.9m | $21,658.9m |
| July | $39,219.2m | $61,086.6m | $21,867.4m |
| August | $41,986.1m | $61,643.8m | $19,657.6m |
| September | $41,017.8m | $56,123.1m | $15,105.3m |
| October | $42,932.5m | $63,894.0m | $20,961.5m |
| November | $39,058.2m | $58,456.6m | $19,398.4m |
| December | $42,993.6m | $60,150.3m | $17,156.7m |
In January 2023, exports were $42,897.0 million and imports were $59,569.0 million, for a $16,672.0 million deficit. September had the smallest deficit of the year at $15,105.3 million. July had the largest at $21,867.4 million. International Trade
The monthly records provide context for the annual direction without changing the underlying scope: these are nominal, seasonally unadjusted U.S. dollar values, and the Census Europe geography remains broader than the EU. The figures are measurements for the stated months, not forecasts.
What crossed the Atlantic in 2024
Eurostat’s 2024 goods composition uses Standard International Trade Classification divisions. EU exports to the United States were led by medicinal and pharmaceutical products, which represented 22.5% of EU goods exports. Road vehicles accounted for 9.6%, general industrial machinery and equipment for 6.4%, electrical machinery, appliances and electrical parts for 6.0%, and machinery specialized for particular industries for 5.0%.
| EU goods exports to the U.S. | Share in 2024 |
|---|---|
| Medicinal and pharmaceutical products | 22.5% |
| Road vehicles | 9.6% |
| General industrial machinery and equipment | 6.4% |
| Electrical machinery, appliances and electrical parts | 6.0% |
| Machinery specialized for particular industries | 5.0% |
The composition of EU goods imports from the United States was different. Petroleum, petroleum products and related materials represented 16.1% of EU imports from the United States. Medicinal and pharmaceutical products accounted for 13.8%, power-generating machinery and equipment for 9.2%, gas, natural and manufactured for 5.8%, and other transport equipment for 5.5%. Trade in goods with the United States in 2024
These percentages describe shares of the relevant EU export or import flow, not shares of all transatlantic trade combined. Eurostat identifies the product groupings under SITC divisions, so the labels should not be treated as individual vessel cargo manifests.
Services trade and the U.S. role
Goods are only one part of transatlantic exchange. Eurostat reported that EU services exports to non-EU countries totaled €1,427 billion in 2023, while EU services imports from non-EU countries totaled €1,274 billion. The EU’s extra-EU services-trade balance was €153 billion.
The United States was a major partner within those extra-EU totals. It received €319 billion of EU extra-EU services exports in 2023, equal to 22% of those exports. The United States supplied €427 billion of EU extra-EU services imports, equal to 34% of those imports. EU services exports reach €1 427 billion in 2023
The services figures use the EU’s extra-EU framework and cover 2023. They are not a monthly continuation of the Census goods series and should not be merged with the goods totals. Their value is in showing that transatlantic exchange includes services as well as physical cargo crossing the ocean.
Historical trans-Atlantic slave-trade estimates
The modern commercial figures sit alongside a fundamentally different historical record: the forced embarkation of captives from Africa in the trans-Atlantic slave trade. SlaveVoyages reports estimates by period, covering 1501–1866. These are historical estimates of captives embarked, not modern commercial trade measurements.
| Period | Estimated captives embarked from Africa |
|---|---|
| 1501–1550 | 64,137 |
| 1551–1600 | 213,363 |
| 1601–1650 | 667,902 |
| 1651–1700 | 1,207,745 |
| 1701–1750 | 2,560,629 |
| 1751–1800 | 3,933,989 |
| 1801–1850 | 3,647,979 |
| 1851–1866 | 225,610 |
The estimated number embarked rose from 64,137 in 1501–1550 to 213,363 in 1551–1600, then to 667,902 in 1601–1650. Later periods in the estimates table record 1,207,745 for 1651–1700, 2,560,629 for 1701–1750, and 3,933,989 for 1751–1800. The estimate for 1801–1850 was 3,647,979, followed by 225,610 for 1851–1866.
Across 1501–1866, the SlaveVoyages estimates table totals 12,521,354 captives embarked from Africa. The period boundaries matter: the final interval covers 16 years rather than 50, and the figures are estimates rather than direct modern counts. SlaveVoyages, “Estimates: Trans-Atlantic Slave Trade”
The historical series and the modern goods and services series answer different questions. The former documents estimated human trafficking by defined historical periods; the latter measures reported economic flows for specified geographies, currencies, and years. Keeping those distinctions visible is essential when using transatlantic trade statistics in maritime history.