The publication is timely. The French Embassy in the United States has put online its annual report "The French Economic Footprint in the US" against the backdrop of trade tensions between the United States and Europe .
The report on the year 2018, it does not assess the impact of the recent US tax announcement on several European products, including some French wines. At the moment, "the consequences are excessively complicated to determine "says Jérémy Lauer-Stumm, economic adviser at the French Embassy in the United States.
The report is rich in indicators and lessons. We learn that France and the United States have exchanged more than $ 129 billion of goods and services in 2018, 7.5% more than the previous year, according to figures from the Bureau of Economic Analysis (BEA ). After investing $ 299 billion in the United States in 2017, France invested $ 326 billion in 2018, making France the sixth largest foreign investor in the U.S.
In the opposite direction, American companies have invested nearly 87 billion dollars in France. "It is not a surprise. We knew that bilateral economic relations were strong, explains Jérémy Lauer-Stumm. Beyond the tensions in the international trade, in fact, the exchanges are doing well".
French companies employ 730,000 employees in all US states (2016 figures), making France the third largest foreign employer in the United States. At the local level, California hosts the most jobs created by French companies with 87,500 jobs. Texas is second with 62,800 jobs created, ahead of New York and New Jersey with 56,700 and 45,500 jobs. Florida hosts 31,100 jobs, Virginia 14,900 and the District of Columbia 1,500.
In 2018, the report, based on figures from the BEA, estimates that 13,500 jobs were created by French companies in 2018 on American soil, while the Americans created 6,000 new jobs in France according to Business France. The United States represents 21% of the jobs created by international companies in France.
"There are more and more French companies that are moving into the United States. It's an obvious market because there is investment. It is doing well on the fronts of employment and GDP", Notes Jérémy Lauer-Stumm.
Other information from the report:
-the exchange of goods between the two countries reached 89.6 billion dollars in 2018 (+ 7.9% compared to 2017). The exchange of services represents $ 39.6 billion (+ 5.2%). France is the 9th largest economic partner of the US at the world level and 3rd at the European level. The United States is the leading French partner (outside Europe).
-52% of the total amount of goods exported to the US by France are manufactured goods
Texas is Texas' largest exporter of goods to France ($ 3.6 billion), mostly in the energy sector
-Occitania exported 3.1 billion goods to the US last year
-Aerospace represents nearly 30% of French-American trade. 130 French companies in the sector are located in the United States.
-50% of French investments in the United States concern the manufacturing sector
Maxime Aubin and Alexis Buisson
