Euro area international trade in goods surplus €24.1 bn (2024)

Euro indicators 21 May 2024 Next release: 14 June 2024

March 2024

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EU surplus €21.7 bn

Euro area

The first estimates of euro area balance showed a €24.1 bn surplus in trade in goods with the rest of the world in March 2024, compared with +€19.1 bn in March 2023.

The euro area exports of goods to the rest of the world in March 2024 were €245.4 billion, a decrease of 9.2% compared with March 2023 (€270.4 bn). Imports from the rest of the world stood at €221.3 bn, a fall of 12.0% compared with March 2023 (€251.4 bn).

Euro area international trade in goods surplus €24.1 bn (1)

In March 2024 compared to February 2024, there was very little change in the composition of the trade balance by product. The only significant change was an increase in the surplus for ‘chemicals’ from €19.3bn in February to €23.3bn in March. As a result, the overall surplus increased.

Euro area international trade in goods surplus €24.1 bn (2)

In January to March 2024, the euro area recorded a surplus of €57.5 bn, compared with €-9.4 bn in January-March 2023. The euro area exports of goods to the rest of the world fell to €705.0 bn (a decrease of 3.2% compared with January-March 2023), and imports fell to €647.5 bn (a decrease of 12.3% compared with January-March 2023). Intra-euro area trade fell to €650.8 bn in January-March 2024, down by 8.4% compared with January-March 2023.

Euro area trade - non seasonally adjusted data (bn €)

Flows

Mar 23

Mar 24

Growth rates

Jan-Mar 23

Jan-Mar 24

Growth rates

Extra-EA exports

270.4

245.4

-9.2%

728.6

705.0

-3.2%

Extra-EA imports

251.4

221.3

-12.0%

737.9

647.5

-12.3%

Extra-EA trade balance

19.1

24.1

-9.4

57.5

Intra-EA trade

253.5

222.1

-12.4%

710.8

650.8

-8.4%

Source dataset: ext_st_ea_sitc

Euro area international trade in goods surplus €24.1 bn (3)

European Union

The EU balance showed a €21.7 bn surplus in trade in goods with the rest of the world in March 2024, compared with a €17.4 bn surplus in March 2023.

The extra-EU exports of goods in March 2024 was €219.6 billion, down by 9.5% compared with March 2023 (€242.6 bn).

Imports from the rest of the world stood at €197.9 bn, down by 12.1% compared with March 2023 (€225.2 bn).

Euro area international trade in goods surplus €24.1 bn (4)

When looking at the breakdown of the EU balance by product, the picture is similar to the graph of the euro area. In March 2024, the surplus recorded in ‘chemicals’ increased compared with February 2024, whilethe surplus for‘machinery and vehicles’ decreased. Despite these fluctuations, the overall balance of the EU remained relatively stable in comparison to February 2024.

Euro area international trade in goods surplus €24.1 bn (5)

In January to March 2024, extra-EU exports of goods fell to €628.8 bn (a decrease of 3.3% compared with January-March 2023), and imports fell to €580.1 bn (a decrease of 13.4% compared with January-March 2023). As a result, the EU recorded a surplus of €48.7 bn, compared with a deficit of €19.2 bn in January-March 2023.

Intra-EU trade fell to €1 022.2 bn in January-March 2024, -6.9% compared with January-March 2023.

EU trade - non seasonally adjusted data (bn €)

Flows

Mar 23

Mar 24

Growth rates

Jan-Mar 23

Jan-Mar 24

Growth rates

Extra-EU exports

242.6

219.6

-9.5%

650.3

628.8

-3.3%

Extra-EU imports

225.2

197.9

-12.1%

669.5

580.1

-13.4%

Extra-EU trade balance

17.4

21.7

-19.2

48.7

Intra-EU trade

392.5

348.2

-11.3%

1 097.9

1 022.2

-6.9%

Source dataset: ext_st_eu27_2020sitc

Euro area international trade in goods surplus €24.1 bn (6)

Main products - EU

Bn €, monthly change compared to previous year

Extra-EU exports

Extra-EU imports

Trade balance

Mar 24

Growth rates

Mar 24

Growth rates

Mar 24

Mar 23

Total

219.6

-9.5%

197.9

-12.1%

21.7

17.4

Primary goods:

34.5

-8.6%

59.6

-13.5%

-25.0

-31.1

Food & drink

17.5

-6.7%

12.1

-9.1%

5.3

5.4

Raw materials

5.8

-17.8%

7.8

-19.1%

-2.0

-2.6

Energy

11.2

-6.2%

39.6

-13.7%

-28.4

-34.0

Manufactured goods:

181.7

-9.6%

136.3

-11.7%

45.4

46.7

Chemicals

47.6

-7.6%

25.6

-15.5%

21.9

21.1

Machinery & vehicles

86.5

-10.3%

65.0

-11.7%

21.6

22.9

Other manuf’d goods

47.6

-10.4%

45.7

-9.5%

1.9

2.7

Other

3.4

-10.9%

2.1

7.2%

1.3

1.8

Source dataset: ext_st_eu27_2020sitc

Euro area international trade in goods surplus €24.1 bn (7)

Main trading partners - EU

Bn €, monthly change compared to previous year

Exports

Import

Trade balance

Mar 24

Growth rates

Mar 24

Growth rates

Mar 24

Mar 23

United States

44.7

-5.6%

27.7

-13.8%

17.0

15.2

China

19.8

-3.6%

41.2

-4.5%

-21.4

-22.6

United Kingdom

29.0

-8.8%

13.8

-16.5%

15.2

15.3

Switzerland

16.8

-8.2%

10.8

-13.8%

6.0

5.8

Türkiye

10.0

-8.8%

8.1

-7.2%

1.9

2.2

Norway

4.9

-17.2%

8.9

-20.7%

-4.0

-5.2

Japan

5.3

-13.3%

5.4

-16.8%

-0.1

-0.4

South Korea

4.6

-16.0%

5.5

-15.1%

-0.9

-1.0

India

4.1

-10.0%

5.8

0.9%

-1.7

-1.2

Brazil

3.6

-19.2%

3.4

-19.5%

0.3

0.3

Source dataset: ext_st_eu27_2020sitc

Euro area international trade in goods surplus €24.1 bn (8)

Annex - Seasonally adjusted data

In March 2024 compared with February 2024, euro area seasonally adjusted exports increased by 0.1%, while imports decreased by 0.1%. The seasonally adjusted balance was €17.3 bn, an increase compared with February (€16.7 bn).

In March 2024 compared with February 2024, EU seasonally adjusted exports increased by 0.1%, while imports also increased by 0.1%. The seasonally adjusted balance was €14.1 bn, unchanged when compared with February.

In the first quarter of 2024, euro area seasonally adjusted exports increased by 0.5% while imports decreased by 2.4%, in comparison with the last quarter of 2023. Similarly, EU seasonally adjusted exports slightly increased by 0.3%, while imports decreased by 2.9% in comparison with the last quarter of 2023.

EA and EU trade - seasonally adjusted data - (bn €)

Feb-24

Mar-24

Growth rates

Jan 24 - Mar 24

Growth rates (compared to the previous three months)

Euro area

Extra-EA exports

237.4

237.7

0.1%

712.7

0.5%

Extra-EA imports

220.7

220.4

-0.1%

652.8

-2.4%

Balance

16.7

17.3

60.0

Intra-EA

214.7

213.7

-0.5%

642.4

-0.8%

EU

Extra-EU exports

213.3

213.5

0.1%

638.4

0.3%

Extra-EU imports

199.2

199.3

0.1%

587.3

-2.9%

Balance

14.1

14.1

51.2

Intra-EU

337.4

339.9

0.7%

1013.6

-0.2%

Source Datasets: ext_st_ea_sitc (Euro area), ext_st_eu27_2020sitc (EU)

Euro area international trade in goods surplus €24.1 bn (9)

Euro area international trade in goods surplus €24.1 bn (10)

Notes for users

Revisions and timetable

This News Release is based on information transmitted by Member States to Eurostat before 14 May 2024. Figures are provisional. For more details, see information on data.

Methods and definitions

Statistics on trade in goods are transmitted monthly by the Member States, in accordance with the standard set out in Commission Implementing Regulation (EU) 2020/1197. For each reference month, Member States must compile statistics covering their total extra- and intra-EU trade by using estimates, where necessary. These data are available within 40 days after the end of the reference month, enabling euro area and EU aggregates to be disseminated within around 46 days.

Member States provide Eurostat with raw data, which are adjusted for calendar and seasonal effects by Eurostat. The European aggregates are computed with the indirect approach (by Member States) for total imports and exports, which guarantees additivity between the aggregate and its respective components. The estimation of seasonally adjusted data is based on the Tramo-Seats procedure, which is available inthe software JDemetra+.

Data are broken down by broad categories of products as defined by the one-digit codes of the Standard international trade classification (SITC).

Geographical information

The euro area (EA20) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The European Union (EU27) includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.

For more information

  • Website section on international trade in goods

  • Database section on international trade in goods

  • Euro indicators dashboard

  • Release calendar for Euro indicators

  • European Statistics Code of Practice

Get in touch

Media requests

Eurostat Media Support

Phone: (+352) 4301 33 408

E-mail: eurostat-mediasupport@ec.europa.eu

Further information on data

Anton ROODHUIJZEN

Phone: (+352) 4301 35 792

E-mail: estat-etfree@ec.europa.eu

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Euro area international trade in goods surplus €24.1 bn (2024)

FAQs

What is the euro area trade surplus? ›

The EU balance for trade in goods rose from €31.7 billion in the fourth quarter of 2023 to €51.2 billion in the first quarter of 2024.

What is the US trade surplus with the EU? ›

The EU's trade surplus with the U.S. rose to a record high of €43.6 billion ($47.3 billion) in the first quarter of 2024, official data shows.

What is the extra euro area trade? ›

The extra-EU exports of goods in March 2024 was €219.6 billion, down by 9.5% compared with March 2023 (€242.6 bn). Imports from the rest of the world stood at €197.9 bn, down by 12.1% compared with March 2023 (€225.2 bn).

What is the total trade value of the EU? ›

EU International Trade: intra- and extra-EU exports 2002-2023. The total exports of the European Union rose to over 6.6 trillion Euros in 2023, with over four trillion of these exports being between member states of the EU and around 2.5 trillion coming from trade with partners outside of the EU.

Is a trade surplus good or bad? ›

A trade surplus can create employment and economic growth, but may also lead to higher prices and interest rates within an economy as well as a more expensive currency.

How do you calculate international trade surplus? ›

The trade balance equation can be calculated by subtracting total imports from total exports. The term trade surplus refers to when a country's exports are greater than its imports, while a trade deficit occurs when a country's imports exceed its exports.

Which country does the EU trade most with? ›

The European Union has experienced a shift in its biggest trade partners since the early 2000s. Over the past two decades, the share of EU imports flowing from China has more than doubled, from around 8 percent in 2002 to over 20 percent in 2023, making China the EU's largest external import partner.

Does the United States currently have a trade surplus? ›

As of 2023, the United States had a trade deficit of about 773 billion U.S. dollars.

What does Europe import the most? ›

According to data, the top five products imported into the EU as of 2022 are as follows:
  • Mineral fuels, oils and distillation products (27%)
  • Electrical and electronic equipment (13%)
  • Machinery, nuclear reactors and boilers (9.5%)
  • Vehicles (4%)
  • Organic chemicals (3.7%)
Jun 16, 2023

What is euro in international trade? ›

The euro is the official currency of 20 of the 27 EU member states and is used by about 350 million people every day. However, its influence reaches far beyond the EU's borders.

What is the euro area? ›

The euro area (also known as the eurozone) consists of 19 countries that use the Euro: Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal, Finland, Greece, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia and Lithuania.

What EU countries don't use the euro? ›

Seven countries (Bulgaria, the Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden) are EU members but do not use the euro.

Who are the trading partners of the euro area? ›

List of the largest trading partners of the European Union
RankCountry/districtTrade balance
1United States72.1
2United Kingdom131.6
3China-166.4
4Switzerland81.0
7 more rows

What is the euro area trade deficit? ›

In January to February 2024, the EU recorded a surplus of €28.4 bn, compared with a deficit of €36.6 bn in January-February 2023. The EU exports of goods rose to €409.8 bn (an increase of 0.5% compared with January-February 2023), and imports fell to €381.4 bn (a decrease of 14.2% compared with January-February 2023).

What is the total value of international trade? ›

Global trade should hit a record $32 trillion for 2022, but a slowdown that began in the second half of the year is expected to worsen in 2023 as geopolitical tensions and tight financial conditions persist, according to the latest Global Trade Update, published by UNCTAD on 13 December.

What is the euro area deficit? ›

Overview. In the euro area the government deficit to GDP ratio declined from 3.7% in 2022 to 3.6% in 2023, and in the EU it increased from 3.4% to 3.5%. In the euro area the government debt to GDP ratio decreased from 90.8% at the end of 2022 to 88.6% at the end of 2023, and in the EU from 83.4% to 81.7%.

What is the European common trade area? ›

EFTA is made up of Norway, Liechtenstein, Iceland and Switzerland. It provides a framework for free trade between member states, and for Free Trade Agreements (FTAs) to be made with other nations – notably the EU's 28 member states.

Why Germany's trade surplus is bad for the eurozone? ›

After a decade of wage restraint, the German real exchange rate is strongly undervalued relative to the rest of the eurozone. This makes its goods artificially cheap, crowding out those of other eurozone countries from both eurozone and world markets.

What is the euro area economy? ›

The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States, and the third largest at purchasing power parity (PPP), after China and the US.

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