The euro area has recorded a substantial trade surplus in June 2024, reaching EUR22.3 billion ($24.6 billion), up from EUR18.0 billion ($19.86 billion) in June 2023, as per Eurostat data. This surge in surplus was driven by a combination of factors, including a decrease in imports and a slight dip in exports.
Euro area exports to the rest of the world in June 2024 amounted to EUR236.7 billion, reflecting a 6.3 percent decline compared to the previous year. Conversely, imports from the rest of the world fell by a more substantial 8.6 percent, reaching EUR214.3 billion.
Growth drivers
The surplus further expanded from EUR14.0 billion in May 2024 to EUR22.3 billion in June 2024, marking an increase of EUR8.3 billion. This positive trend was attributed to an uptick in surpluses for machinery and vehicles, chemicals, and other manufactured goods, coupled with a reduction in the energy deficit.
Over the first six months of 2024, the euro area accumulated a surplus of EUR107.5 billion, a stark contrast to the EUR3.0 billion deficit recorded during the same period in 2023. This shift was fueled by a decrease in both exports and imports. Exports fell to EUR1,430.1 billion, a 0.8 percent decline year-on-year, while imports dropped to EUR1,322.6 billion, representing an 8.4 percent reduction.
Intra-euro area trade experienced a decline, reaching EUR1,303.8 billion in the first half of 2024, a 5.9 percent decrease compared to the same period in 2023.
Surplus widens despite export decline
The EU, as a whole, also exhibited a trade surplus in June 2024, reaching EUR20.9 billion, a slight increase from EUR18.6 billion in June 2023.
Extra-EU exports in June 2024 amounted to EUR212.3 billion, a 6.1 percent decrease year-on-year. Imports from the rest of the world also declined, reaching EUR191.4 billion, down by 7.7 percent compared to June 2023.
The EU’s trade surplus mirrored the euro area’s trend, with an increase from EUR10.2 billion in May 2024 to EUR20.9 billion in June 2024, representing an increase of EUR10.7 billion. Similar to the euro area, this surge was attributed to increased surpluses in machinery and vehicles, chemicals, and other manufactured goods, alongside a reduction in the energy deficit.
In the first half of 2024, extra-EU exports fell to EUR1,281.3 billion, a 0.5 percent decrease compared to January-June 2023. Imports also declined, reaching EUR1,185.4 billion, a 9.1 percent reduction. Consequently, the EU recorded a surplus of EUR95.9 billion, a significant increase from EUR17.4 billion in the same period of 2023.
Intra-EU trade fell to EUR2,040.7 billion in the first half of 2024, a 4.9 percent decrease compared to the same period in 2023.
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