...Note that official projections from the North Sea Transition Authority (NSTA) suggest even granting new exploration licences would not change this sharply declining trend of North Sea oil and gas production over the coming decades www.nstauthority.co.uk/data-and-ins...

...Breakdown shows it's due to the sharp decline in UK oil and gas production over that time...

The world had 1,100GW of installed wind power in 2024 - around half of it is China 👇
ourworldindata.org/grapher/cumu...

Sources:

WTO: stats.wto.org

US BEA: www.bea.gov/data/intl-tr...

EU: www.consilium.europa.eu/en/infograph...

ENDS

Calculations here & comments/corrections welcome...

10/ docs.google.com/spreadsheets...

The US data has total bilateral EU-US trade (imports and expoerts) slightly lower at $1.5 trillion.

But either way, that would be around 2-3% of global trade in 2024 (total exports and imports combined of $66 trillion) on the basis of the WTO figures for that year...9/

This same document estimates that “in 2024 transatlantic trade in goods and services reached over €1.68 trillion”

Note that this figure is bilateral exports and imports *combined*.

That’s equivalent to around $1.8 trillion based on the 2024 exchange rate...8/

And this EU factsheet claims "together they [the US and EU] represent almost 30% of global trade in goods and services”...7/

www.consilium.europa.eu/en/infograph...

There’s some separate EU analysis which supports this, calculating that the combined US and EU share of global exports was 28% and 32% of global imports in 2022...6/

ec.europa.eu/eurostat/sta...

So that suggests the EU and the US export trade combined ($3.2tr + $4.5tr) was around 23% of the total ($33tr).

And the EU and the US import trade combined was around 26% of the total...5/

Total US exports to the rest of the world in that year were $3.2 trillion ($4.2 trillion in imports).

And total EU exports to the rest of the world in that year were $4.5 trillion ($4.1 trillion in imports)...4/

Here’s the figures.

According to the World Trade Organization (WTO) the value of total goods and services exports in 2024 was around $33 trillion (and $33 trillion in imports)...3/

TLDR the TOTAL trade of the EU and the US with ALL COUNTRIES is possibly around 30% of GLOBAL trade.

But US and EU trade with EACH OTHER is likely less than 3% of global trade...2/

....Also 5 key insights from the book, published by @johnmurrays.bsky.social, here 👇

bsky.app/profile/benc...

...And if that piques your interest, lots of options to buy here.

The paperback edition is coming out in March 2026 👇
linktr.ee/exileeconomics

...ICYMI here's a nice review of Exile Economics by Ferdinand Mount in the London Review of Books...

www.lrb.co.uk/the-paper/v4...

...much more detail here 👇 bsky.app/profile/benc...