Considering how protective Europe is of it's markets I'm not surprised their dairy imports are small. They even treat town/village names as a kind of trademark to facilitate this, leading to much confusion (I will die on this hill right next to them).
I've tried many kinds of the imported European cheese, I enjoy the variety and gimicky stuff, one noteworthy one was this coffee cheese which was surprisingly tasty. Ultimately it sits right next to an equally diverse array of domestic cheese brands which are of the same quality. "New York Steakhouse" usually makes my favorites.
However Kraft and Velveeta are usually in their own section with the sealed imported cold cuts that taste like plastic. It would be ignorant for me to judge Euros on those but I guess many Euros do exactly that when they see Kraft? It's like space food. Real cheese is purchased at the deli counter or in chunks.
Europe exports $2.8bn of dairy to the US. The reverse is only $167m of trade.