Euro area international trade in goods surplus €11.4 bn
Euro area
The first estimates of euro area showed a €11.4 bn surplus in trade in goods with the rest of the world in January 2024, compared with a deficit of €32.6 bn in January 2023.
The euro area exports of goods to the rest of the world in January 2024 were €225.9 billion, an increase of 1.3% compared with January 2023 (€222.9 bn).
Imports from the rest of the world stood at €214.5 bn, a fall of 16.1% compared with January 2023 (€255.5 bn).
As regards the breakdown of the euro area balance by product, the overall surplus is mainly driven by a surplus in the chemical sector, followed by machinery and vehicles. These developments are partly offset by a deficit in the energy sector
In the year 2023 the euro area recorded a surplus of €64.0 bn, compared with €-335.0 bn in 2022. The euro area exports of goods to the rest of the world stood at €2 841.7 bn (a decrease of 1.1% compared to 2022), while imports fell to €2 777.7 bn (a decrease of 13.4% compared to the year 2022).
Intra-euro area trade fell to €2 630.8 bn in the year 2023, down by 5.1% compared to the year 2022.
Euro area trade - non seasonally adjusted data (bn €) |
||||||
|---|---|---|---|---|---|---|
Flows |
Jan 23 |
Jan 24 |
Growth rates |
Jan-Dec 22 |
Jan-Dec 23 |
Growth rates |
Extra-EA exports |
222.9 |
225.9 |
1.3% |
2 872.4 |
2 841.7 |
-1.1% |
Extra-EA imports |
255.5 |
214.5 |
-16.1% |
3 207.4 |
2 777.7 |
-13.4% |
Extra-EA trade balance |
-32.6 |
11.4 |
-335.0 |
64.0 |
||
Intra-EA trade |
227.0 |
211.6 |
-6.8% |
2 773.1 |
2 630.8 |
-5.1% |
Source dataset: ext_st_ea_sitc
|
||||||
European Union
The EU showed a €6.2 bn surplus in trade in goods with the rest of the world in January 2024, compared with a deficit of €38.6 bn in January 2023.
The EU exports of goods in January 2024 were at €198.7 billion, same as in January 2023.
The EU imports of goods stood at €192.4 bn, down by 18.9% compared with January 2023 (€237.2 bn).
When looking at the breakdown of the EU balance by product, the picture is similar to the graph of the euro area. The surplus in the chemicals sector, followed by machinery and vehicles, is the main driver of the overall surplus, and these developments are partially offset by the deficit in the energy sector.
In the year 2023, the EU showed a €38.0 surplus compared with €-436.1 bn in 2022. The EU exports of goods stood at
€2 555.5, a slight decrease with respect to the year 2022. The EU Imports fell to €2 517.6 bn (a decrease of 16.3% compared to the year 2022).
Intra-EU trade fell to €4 102.3 bn in the year 2023, -3.4% compared with the year 2022.
EU trade - non seasonally adjusted data (bn €) |
||||||
|---|---|---|---|---|---|---|
Flows |
Jan 23 |
Jan 24 |
Growth rates |
Jan-Dec 22 |
Jan-Dec 23 |
Growth rates |
Extra-EU exports |
198.7 |
198.7 |
0.0% |
2 570.0 |
2 555.5 |
-0.6% |
Extra-EU imports |
237.2 |
192.4 |
-18.9% |
3 006.1 |
2 517.6 |
-16.3% |
Extra-EU trade balance |
-38.6 |
6.2 |
-436.1 |
38.0 |
||
Intra-EU trade |
351.1 |
333.4 |
-5.0% |
4 245.4 |
4 102.3 |
-3.4% |
Source dataset: ext_st_eu27_2020sitc
|
||||||
Main products - EU Bn €, monthly change compared to previous year |
||||||
|---|---|---|---|---|---|---|
Extra-EU exports |
Extra-EU imports |
Trade balance |
||||
Jan 24 |
Growth rates |
Jan 24 |
Growth rates |
Jan 24 |
Jan 23 |
|
Total |
198.7 |
0.0% |
192.4 |
-18.9% |
6.2 |
-38.6 |
Primary goods: |
33.0 |
-9.1% |
61.1 |
-26.7% |
-28.1 |
-47.0 |
Food & drink |
16.1 |
0.7% |
12.0 |
-4.8% |
4.2 |
3.4 |
Raw materials |
5.4 |
-3.9% |
7.7 |
-15.2% |
-2.3 |
-3.5 |
Energy |
11.4 |
-21.8% |
41.3 |
-32.9% |
-29.9 |
-46.9 |
Manufactured goods: |
162.0 |
1.4% |
128.9 |
-14.7% |
33.1 |
8.7 |
Chemicals |
45.6 |
2.9% |
25.7 |
-11.7% |
20.0 |
15.3 |
Machinery & vehicles |
73.9 |
1.7% |
60.8 |
-15.0% |
13.1 |
1.1 |
Other manuf’d goods |
42.5 |
-0.7% |
42.5 |
-15.9% |
0.1 |
-7.7 |
Other |
3.6 |
44.2% |
2.5 |
-14.2% |
1.2 |
-0.4 |
Source dataset: ext_st_eu27_2020sitc
|
||||||
Main trading partners - EU Bn €, monthly change compared to previous year |
||||||
|---|---|---|---|---|---|---|
Exports |
Import |
Trade balance |
||||
Jan 24 |
Growth rates |
Jan 24 |
Growth rates |
Jan 24 |
Jan 23 |
|
United States |
40.2 |
8.5% |
27.9 |
-10.6% |
12.3 |
5.8 |
China |
16.9 |
-3.0% |
36.6 |
-23.6% |
-19.7 |
-30.5 |
United Kingdom |
27.4 |
2.5% |
13.3 |
-25.8% |
14.1 |
8.8 |
Switzerland |
16.1 |
1.8% |
10.9 |
-6.7% |
5.2 |
4.1 |
Türkiye |
8.4 |
-3.6% |
8.2 |
1.0% |
0.1 |
0.5 |
Norway |
5.2 |
-3.6% |
9.6 |
-29.1% |
-4.4 |
-8.2 |
Japan |
5.8 |
10.0% |
5.5 |
-12.2% |
0.3 |
-1.0 |
South Korea |
4.1 |
-5.1% |
4.8 |
-19.8% |
-0.7 |
-1.7 |
India |
3.3 |
-7.0% |
5.4 |
-6.6% |
-2.1 |
-2.2 |
Brazil |
3.2 |
-12.7% |
3.6 |
-7.8% |
-0.3 |
-0.2 |
Source dataset: ext_st_eu27_2020sitc
|
||||||
Annex - Seasonally adjusted data
In January 2024 compared with December 2023, euro area seasonally adjusted exports increased by 2.1%, while imports decreased by 4.0%. The seasonally adjusted balance stood at €28.1 bn, an increase compared with December (€14.3 bn).
In January 2024 compared with December 2023, EU seasonally adjusted exports increased by 0.5%, while imports decreased by 6.2%. The seasonally adjusted balance stood at €24.4 bn, an increase compared with December (€11.0 bn).
Over the last three months, euro area seasonally adjusted exports increased by 0.6% while imports decreased by 3.2%, in comparison with the Aug-Oct 2023. Similarly, EU seasonally adjusted exports slightly increased by 0.2%, while imports decreased by 3.6% in comparison with the with the Aug-Oct 2023.
EA and EU trade - seasonally adjusted data - (bn €) |
|||||
|---|---|---|---|---|---|
Dec-23 |
Jan-24 |
Growth rates |
Nov 23 - Jan 24 |
Growth rates (compared to the previous three months) |
|
Euro area |
|||||
Extra-EA exports |
234.0 |
239.0 |
2.1% |
709.6 |
0.6% |
Extra-EA imports |
219.7 |
210.9 |
-4.0% |
651.7 |
-3.2% |
Balance |
14.3 |
28.1 |
57.9 |
||
Intra-EA |
212.1 |
213.1 |
0.5% |
641.0 |
-0.4% |
EU |
|||||
Extra-EU exports |
210.7 |
211.8 |
0.5% |
635.1 |
0.2% |
Extra-EU imports |
199.7 |
187.4 |
-6.2% |
585.4 |
-3.6% |
Balance |
11.0 |
24.4 |
49.7 |
||
Intra-EU |
334.2 |
335.4 |
0.4% |
1006.7 |
-0.1% |
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 13 March 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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