Fact Check: Total bilateral trade in goods between the EU and the U.S. was 851 billion euros in 2023.

Fact Check: "Total bilateral trade in goods between the EU and the U.S. was 851 billion euros in 2023."

What We Know

The claim that total bilateral trade in goods between the EU and the U.S. reached €851 billion in 2023 is supported by multiple sources. According to the European Union's trade relations, this figure reflects the total value of goods traded, with the EU exporting approximately €503 billion to the U.S. and importing around €348 billion from the U.S. This aligns with reports from CNBC and NBC Chicago, which also cite the €851 billion figure for total trade in goods between the two entities in 2023.

Analysis

While the claim is corroborated by several reputable sources, it is essential to assess the reliability of these sources. The data from the European Union is likely to be accurate as it comes directly from a governmental body responsible for trade statistics. Similarly, major news outlets like CNBC and NBC Chicago typically rely on credible data when reporting on economic statistics.

However, the claim's verification hinges on the accuracy of the underlying data. The U.S. Census Bureau, which tracks trade statistics, provides figures in U.S. dollars, and while the conversion to euros is standard practice, fluctuations in exchange rates could affect the final figure reported in euros. The U.S. Census Bureau's data does not explicitly confirm the €851 billion figure for 2023, as it primarily reports in dollars, which may lead to discrepancies if not accurately converted.

Moreover, the context of the claim is crucial. The figure represents total trade in goods, which includes a variety of products and commodities. Thus, while the figure appears consistent across multiple reports, the lack of direct confirmation from the U.S. Census Bureau leaves room for uncertainty.

Conclusion

Verdict: Unverified
While the claim that total bilateral trade in goods between the EU and the U.S. was €851 billion in 2023 is supported by several credible sources, it lacks direct confirmation from the U.S. Census Bureau, which primarily reports in U.S. dollars. The conversion to euros may also introduce variability based on exchange rates. Therefore, without definitive evidence from a primary source, the claim remains unverified.

Fact Check: Total bilateral trade in goods between the EU and the U.S. was 851 billion euros in 2023.