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, the statistical office of the European Union.
Exports and imports
The euro area exports of goods to the rest of the world in March 2024 were EUR245.4 billion ($266.39 billion), a decrease of 9.2 percent compared with March 2023 (EUR270.4 billion). Imports from the rest of the world stood at EUR221.3 billion ($240.23 billion), a fall of 12.0 percent compared with March 2023 (EUR251.4 billion).
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Composition of trade balance
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 EUR19.3 billion in February to EUR23.3 billion in March. As a result, the overall surplus increased.
January to March 2024
In January to March 2024, the euro area recorded a surplus of EUR57.5 billion, compared with EUR-9.4 billion in January-March 2023. The euro area exports of goods to the rest of the world fell to EUR705.0 billion (a decrease of 3.2 percent compared with January-March 2023), and imports fell to EUR647.5 billion (a decrease of 12.3 percent compared with January-March 2023). Intra-euro area trade fell to EUR650.8 billion in January-March 2024, down by 8.4 percent compared with January-March 2023.
EU trade balance
The EU balance showed a EUR21.7 billion surplus in trade in goods with the rest of the world in March 2024, compared with a EUR17.4 billion surplus in March 2023.
Extra-EU exports and imports
The extra-EU exports of goods in March 2024 was EUR219.6 billion, down by 9.5 percent compared with March 2023 (EUR242.6 billion). Imports from the rest of the world stood at EUR197.9 billion, down by 12.1 percent compared with March 2023 (EUR225.2 billion).
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