The EU has demonstrated remarkable resilience in international trade, securing a trade surplus for six consecutive quarters. This positive trend highlights a significant recovery from previous deficits caused by high energy costs between late 2021 and mid-2023. As global economic conditions stabilize, the EU’s trade performance continues to strengthen, reinforcing its position as a major player in global markets.
EU Achieves €27.2 Billion Trade Surplus in Late 2024
In the last quarter of 2024, the EU recorded a trade surplus of €27.2 billion, exporting more goods to non-EU countries than it imported. This milestone signifies a sustained period of strong EU trade performance, emphasizing the region’s economic resilience and export competitiveness.
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Key Sectors Driving EU Trade Surplus Growth
The trade surplus in late 2024 was driven by strong performances across multiple EU trade sectors:
- Chemicals and Related Products: Contributing the largest surplus at +€60.1 billion, this sector remains a major force in EU trade.
- Machinery and Vehicles: With a positive balance of +€48.0 billion, industrial exports are a cornerstone of EU trade success.
- Food and Beverages: The sector added +€10.7 billion to the EU trade surplus, showcasing strong demand for European agricultural and processed goods.
- Other Goods: Various product categories collectively contributed +€5.5 billion, reinforcing the EU’s trade advantage.
Challenges Impacting EU Trade: Energy and Raw Materials Deficits
Despite the surplus in multiple EU trade sectors, the region faced trade deficits in key areas:
- Energy Imports: The largest deficit came from energy-related trade, amounting to -€82.8 billion, reflecting ongoing reliance on energy imports.
- Raw Materials: A negative balance of -€7.2 billion in raw materials trade underscores the importance of supply chain stability.
- Other Manufactured Goods: A deficit of -€7.1 billion in this sector highlights challenges in maintaining EU trade competitiveness.
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Trade Growth and Market Trends in the EU in Late 2024
Both exports and imports of goods saw a 0.4% increase in the fourth quarter of 2024. Notably:
- EU trade imports grew for the third consecutive quarter, indicating stable demand for foreign goods.
- EU trade export growth resumed after a slight decline in the third quarter of 2024, signaling renewed global demand for European products.
What Lies Ahead for EU Trade?
The EU’s sustained trade surplus reflects a robust export market and economic resilience. However, continued dependence on energy imports and raw materials presents challenges that policymakers and businesses must address. As global trade dynamics evolve, maintaining this positive trajectory will require strategic investments in energy diversification, supply chain efficiency, and export competitiveness.
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Source : Eurostat
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