In the first quarter (Q1) of 2024, imports of goods from non-EU countries to the EU decreased by 2.9 percent compared to the previous quarter, while exports increased by 0.3 percent. This marks the second consecutive quarter of rising export levels, whereas imports have been declining for 6 consecutive quarters, according to data from Eurostat, the statistical office of the European Union.
Read more: Eurozone trade balance surplus jumps to $26.17 billion in March
The EU’s balance of trade in goods rose from EUR31.7 billion ($34.39 billion) in the fourth quarter of 2023 to EUR51.2 billion ($55.5 billion) in the first quarter of 2024. The trade balance has shown a surplus for 3 quarters in a row, following a period of deficit from the fourth quarter of 2021 to the second quarter of 2023. This was primarily due to a high deficit for energy offsetting surpluses in other product categories.
In Q1 2024, the surpluses recorded in machinery and vehicles (EUR65.7 billion), chemicals (EUR57.6 billion), food and drink (EUR15.7 billion), other manufactured goods (EUR4.8 billion), and other goods (EUR1.3 billion) outweighed the deficits in energy (-EUR87.7 billion) and raw materials (-EUR6.3 billion).
The first estimates of euro area balance showed a EUR24.1 billion ($26.17 billion) surplus in trade in goods with the rest of the world in March 2024, compared with +EUR19.1 billion (+$20.74 billion) in March 2023, according to Eurostat.Â
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