EU employment linked to foreign trade has reached an unprecedented 31.6 million in 2024, according to a report by Eurostat. This remarkable figure now constitutes 14.4 per cent of total employment across the European Union, a notable increase from 2010 when 22.6 million workers, or 11.5 per cent, were engaged in similar roles.
Eu employment: Growth in Employment Driven by International Demand
The rise in employment figures reflects a growing demand for goods and services from non-EU countries. The gross value added generated by the final use of EU products abroad has also seen significant expansion. Domestic value added in foreign final use surged from €1.3 trillion in 2010 to €2.8 trillion in 2024, increasing its share from 13.3 per cent to 17.2 per cent of the total EU gross value added.
US Trade Leads Employment Gains
Trade with the United States has had the most substantial impact on EU employment and value added in 2024. This relationship has supported 6.0 million jobs within the EU, accounting for 19.1 per cent of the total employment created by the foreign final use of goods and services. The trade with the US also generated €585.8 billion in value added, representing 21.0 per cent of the total.
UK and China Among Top Contributors
The United Kingdom follows as the second largest contributor to EU employment, supporting 3.4 million workers, or 10.6 per cent of the total. In terms of value added in foreign final use, the UK contributes €276.0 billion, which makes up 9.9 per cent of the total.
China ranks third in terms of employment, accounting for 3.1 million EU workers, or 9.8 per cent of the total. In terms of value added, China generated €289.8 billion in the same context, which is equivalent to 10.4 per cent of the total.
Implications for Future Trade Strategies
The data highlights the growing interdependence between the EU and global markets, showcasing how foreign trade not only creates jobs but also contributes significantly to the EU economy. As the landscape of international trade continues to evolve, these figures may influence future economic strategies and trade agreements.
