Euro area international trade in goods surplus €24.1 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).
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.
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
|
||||||
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).
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, while the surplus for ‘machinery and vehicles’ decreased. Despite these fluctuations, the overall balance of the EU remained relatively stable in comparison to February 2024.
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
|
||||||
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
|
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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
|
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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)
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 in the 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
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Anton ROODHUIJZEN
Phone: (+352) 4301 35 792
E-mail: estat-etfree@ec.europa.eu