Euro area international trade in goods surplus €23.6 bn

Euro area

The first estimates of euro area balance showed a €23.6 bn surplus in trade in goods with the rest of the world in February 2024, compared with +€3.6 bn in February 2023.

The euro area exports of goods to the rest of the world in February 2024 were €235.0 billion, a slight increase of 0.3% compared with February 2023 (€234.4 bn). Imports from the rest of the world stood at €211.4 bn, a fall of 8.4% compared with February 2023 (€230.8 bn).

In February 2024, the surplus recorded in the ‘machinery and vehicles’ sector nearly doubled compared with January 2024 and the deficit recorded for 'energy' products continued to decrease. As a result, the overall surplus increased.

In the first two months of 2024, the euro area recorded a surplus of €35.2 bn, compared with -€28.4 bn in January-February 2023. The euro area exports of goods to the rest of the world rose to €460.7 bn (an increase of 0.6% compared with January-February 2023), and imports fell to €425.5 bn (a decrease of 12.5% compared with January-February 2023). Intra-euro area trade fell to €428.9 bn in January-February 2024, down by 6.2% compared with January-February 2023.

European Union

The first estimates of EU balance showed a €22.1 bn surplus in trade in goods with the rest of the world in February 2024, compared with +€2.0 bn in February 2023.

The EU exports of goods in February 2024 were €210.6 billion, up by 0.7% compared with February 2023 (€209.0 bn).

The EU Imports of goods stood at €188.5 bn, down by 9.0% compared with February 2023 (€207.0 bn).

When looking at the breakdown of the EU balance by product, the picture is similar to the graph of the euro area. In February 2024, the surplus recorded in the ‘machinery and vehicles’ sector nearly doubled compared with January 2024 and the deficit recorded for 'energy' products continued to decrease. As a result, the overall surplus increased.

In January to February 2024, the EU recorded a surplus of €28.4 bn, compared with a deficit of €36.6 bn in January-February 2023. The EU exports of goods rose to €409.8 bn (an increase of 0.5% compared with January-February 2023), and imports fell to €381.4 bn (a decrease of 14.2% compared with January-February 2023).

Intra-EU trade fell to €674.3 bn in January-February 2024, -4.4% compared with January-February 2023.

Annex - Seasonally adjusted data

In February 2024 compared with January 2024, euro area seasonally adjusted exports decreased by 0.2%, while imports increased by 4.2%. The seasonally adjusted balance was +€17.9 bn, a fall compared with January (+€27.1 bn).

In February 2024 compared with January 2024, EU seasonally adjusted exports increased by 0.5%, while imports increased by 5.4%. The seasonally adjusted balance was +€14.8 bn, a fall compared with January (+€24.1 bn).          

Over the last three months, euro area seasonally adjusted exports increased by 0.4% while imports decreased by 3.0%, in comparison with the period September-November 2023. Similarly, EU seasonally adjusted exports slightly increased by 0.3%, while imports decreased by 3.0% in comparison with the period September-November 2023.    

  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 11 April 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

• Website section on international trade in goods

• Database section on international trade in goods

• Euro indicators dashboard

• Euro-indicators release calendar

• European Statistics Code of Practice