Last year, the value of trade between the EU and the United States reached a record high of €875 billion ($1.00 trillion). EU exports to the U.S. grew by 7.7% to €580 billion, although there are still some ongoing trade barriers present.

At the same time, imports from the USA increased by 2.2%, amounting to €295 billion. New economic research, however, shows that these best-in-the-world figures are a smokescreen for hard-hit national industries that are dealing with considerable financial loss.

Winners and Losers in Transatlantic Trade

A detailed study by the German Economic Institute reveals the significant negative effects the automotive industry is facing in Germany. The drop in the shipments to the U.S. for most of the EU’s car and parts industries was led by Germany, which saw a 18.9% decline.

By contrast, the export economy of the State of Ireland boomed. The exports volume rose in Ireland by an extraordinary 52.7%; with Ireland’s pharmaceutical and chemical products being very successful and tariff free, this was the major factor behind the growth of export volume.

The transatlantic services trade also reached a new high last year, at €865 billion. Nevertheless the EU had a significant €178 billion deficit in the services sector.

More than 40% of the EU’s service imports were fees for intellectual property, including software licenses and patents registered with intellectual property agencies, such as the United States Patent and Trademark Office. Lastly, the current trade disputes have apparently affected travel as the EU also experienced a decline in its imports of U.S. travel services of 8%, with fewer European tourists travelling to the United States last year.