Euro Area Balance of Trade

The Eurozone recorded a trade surplus of €6.8 billion in October of 2024, narrowing from the €9.4 billion in the previous year and below market expectations of €11.7 billion. Imports to the currency bloc rose by 3.2% from the previous year to €247.2 billion. In turn, exports from the bloc rose by a softer 2.1% annually to €254 billion, aligned with recent concerns of slowing manufacturing sectors within the Eurozone’s largest economies. Regarding the whole European Union, the trade balance narrowed sharply to €3.9 billion from €8.4 billion in October of the previous year. Imports to the EU expanded by 3% to €223.1 billion, amid higher demand for raw materials (13.1%), chemicals and related products (16.4%), and food and drink (21.1%). In turn, exports rose a softer 0.9% to €227 billion, with contractions in sales of energy (-29%) and machinery and vehicles (-4.7%) offsetting a rise in sales of chemicals and related products (10.6%) and other manufactured goods (4.3%).

The Euro Area trade surplus widened to €12.5 billion in September of 2024 from €9.8 billion in the same month of the previous year, above market expectations of €7.9 billion. Exports increased by 0.6% to EUR 237.8 billion, while imports decreased by 0.6% to EUR 225.3 billion. Also, the EU posted a trade surplus of EUR 9.6 billion in September, up from EUR 7.3 billion in September 2023. Exports went up 0.8% to EUR 212.6 billion, due to higher sales of Chemicals & related products (10%), other manuf’d goods (0.4%) and food & drink (2.5%). Exports rose to the US (8.9%), the UK (2%) and Switzerland (5.1%), but fell to China (-4.2%). Meanwhile, imports declined by 0.3% to EUR 203.1 billion, mainly due to a fall in energy (-20%). Among major trading partners, purchases dropped from the US (-4.9%), the UK (-10.7%) and Switzerland (6.4%), but increased from China (12.5%).

The Euro Area recorded a trade surplus of €4.6 billion in August of 2024, well below market expectations of a €17.8 billion surplus, and narrowing from the €4.8 billion net exports of the corresponding month of the previous year. It was the lowest trade surplus since the surge in energy prices from the fallout of Russia’s invasion of Ukraine triggered a surge in energy imports and a trade deficit in May of 2023. Exports sank by 2.4% from the previous year to €212.1 billion in August, amid a sharp decline in foreign sales of manufactured goods (-3.8% to €208.5 billion) and machinery and transport equipment (-10.4% to €96.9 billion, while export growth of food, drinks, and tobacco softened the drop (1.3% to €20.3 billion). In the meantime, imports fell by a softer 2.1% to €177.4 billion, lowered by mineral fuels and lubricants (-6.4% to €36.9 billion).