Euro area international trade in goods surplus €13.9 bn
Euro area
The first estimates of euro area balance showed a €13.9 bn surplus in trade in goods with the rest of the world in May 2024, compared with a deficit of €0.4 bn in May 2023.
The euro area exports of goods to the rest of the world in May 2024 were €241.5 billion, a decrease of 0.5% compared with May 2023 (€242.7 bn). Imports from the rest of the world stood at €227.6 bn, a fall of 6.4% compared with May 2023 (€243.2 bn).
In May 2024 compared to April 2024, the euro area surplus slightly decreased from €14.2 billion to €13.9 billion (€-0.3 bn with respect to April 2024). This was due to a decrease of surplus for machineries and vehicles (€-1.7 bn) and chemicals (€-1.3 bn) partially offset by an increase in other manufactured goods (+€2.6 bn).
In January to May 2024, the euro area recorded a surplus of €84.9 bn, compared with €-21.0 bn in January-May 2023. The euro area exports of goods to the rest of the world rose to €1 194.5 bn (an increase of 0.5% compared with January-May 2023), and imports fell to €1 109.7 bn (a decrease of 8.3% compared with January-May 2023).
Intra-euro area trade fell to €1 090.6 bn in January-May 2024, down by 5.2% compared with January-May 2023.
Euro area trade - non seasonally adjusted data (bn €) |
||||||
|---|---|---|---|---|---|---|
Flows |
May 23 |
May 24 |
Growth rates |
Jan-May 23 |
Jan-May 24 |
Growth rates |
Extra-EA exports |
242.7 |
241.5 |
-0.5% |
1 188.5 |
1 194.5 |
0.5% |
Extra-EA imports |
243.2 |
227.6 |
-6.4% |
1 209.5 |
1 109.7 |
-8.3% |
Extra-EA trade balance |
-0.4 |
13.9 |
-21.0 |
84.9 |
||
Intra-EA trade |
228.9 |
216.0 |
-5.6% |
1 150.4 |
1 090.6 |
-5.2% |
Source dataset: ext_st_ea_sitc
|
||||||
European Union
The EU balance showed a €9.7 bn surplus in trade in goods with the rest of the world in May 2024, compared with a deficit of €2.6 bn in May 2023.
The extra-EU exports of goods in May 2024 were €216.3 billion, down by 0.6% compared with May 2023 (€217.6 bn). Imports from the rest of the world stood at €206.5 bn, down by 6.2% compared with May 2023 (€220.2 bn).
When looking at the breakdown of the EU balance by product, the picture is similar to the graph of the euro area. In May 2024, compared to April 2024, the EU surplus decreased from €12.8 billion to €9.7 billion (€-3.1 bn with respect to April 2024). This was due to a decrease of surplus for machineries and vehicles (€-3.7 bn) and chemicals (€-1.2 bn) partially offset by an increase in other manufactured goods (+€2.8 bn).
In January to May 2024, extra-EU exports of goods rose to €1 068.8 bn (an increase of 0.7% compared with January-May 2023), and imports fell to €994.7 bn (a decrease of 9.3% compared with January-May 2023). As a result, the EU recorded a surplus of €74.2 bn, compared with a deficit of €36.0 bn in January-May 2023.
Intra-EU trade fell to €1 707.1 bn in January-May 2024, -4.2% compared with January-May 2023.
EU trade - non seasonally adjusted data (bn €) |
||||||
|---|---|---|---|---|---|---|
Flows |
May 23 |
May 24 |
Growth rates |
Jan-May 23 |
Jan-May 24 |
Growth rates |
Extra-EU exports |
217.6 |
216.3 |
-0.6% |
1 061.2 |
1 068.8 |
0.7% |
Extra-EU imports |
220.2 |
206.5 |
-6.2% |
1 097.1 |
994.7 |
-9.3% |
Extra-EU trade balance |
-2.6 |
9.7 |
-36.0 |
74.2 |
||
Intra-EU trade |
356.1 |
337.2 |
-5.3% |
1 781.3 |
1 707.1 |
-4.2% |
Source dataset: ext_st_eu27_2020sitc
|
||||||
Main products - EU Bn €, monthly change compared to previous year |
||||||
|---|---|---|---|---|---|---|
Extra-EU exports |
Extra-EU imports |
Trade balance |
||||
May 24 |
Growth rates |
May 24 |
Growth rates |
May 24 |
May 23 |
|
Total |
216.3 |
-0.6% |
206.5 |
-6.2% |
9.7 |
-2.6 |
Primary goods: |
34.3 |
2.5% |
63.1 |
-3.9% |
-28.8 |
-32.2 |
Food & drink |
17.4 |
1.2% |
13.4 |
3.8% |
4.0 |
4.3 |
Raw materials |
6.1 |
7.0% |
8.3 |
-6.4% |
-2.2 |
-3.2 |
Energy |
10.8 |
2.3% |
41.4 |
-5.7% |
-30.6 |
-33.3 |
Manufactured goods: |
178.3 |
-1.2% |
141.5 |
-7.3% |
36.8 |
27.8 |
Chemicals |
46.7 |
10.5% |
28.5 |
-3.0% |
18.2 |
12.8 |
Machinery & vehicles |
83.7 |
-7.7% |
65.9 |
-9.2% |
17.8 |
18.1 |
Other manuf’d goods |
47.9 |
0.7% |
47.1 |
-7.2% |
0.8 |
-3.2 |
Other |
3.7 |
1.4% |
1.9 |
8.0% |
1.7 |
1.8 |
Source dataset: ext_st_eu27_2020sitc
|
||||||
Main trading partners - EU Bn €, monthly change compared to previous year |
||||||
|---|---|---|---|---|---|---|
Exports |
Import |
Trade balance |
||||
May 24 |
Growth rates |
May 24 |
Growth rates |
May 24 |
May 23 |
|
United States |
44.2 |
6.8% |
29.9 |
4.9% |
14.3 |
12.9 |
China |
18.1 |
-5.3% |
41.9 |
-8.7% |
-23.7 |
-26.7 |
United Kingdom |
28.4 |
-0.5% |
13.7 |
-13.8% |
14.7 |
12.7 |
Switzerland |
16.3 |
-4.3% |
11.3 |
-14.0% |
4.9 |
3.8 |
Türkiye |
10.0 |
0.0% |
8.2 |
-0.8% |
1.8 |
1.7 |
Norway |
5.5 |
4.1% |
8.2 |
-17.5% |
-2.7 |
-4.6 |
India |
4.1 |
-1.4% |
6.9 |
15.4% |
-2.8 |
-1.8 |
South Korea |
4.3 |
-10.0% |
5.8 |
-15.2% |
-1.5 |
-2.0 |
Japan |
4.9 |
-6.0% |
4.9 |
-21.9% |
0.0 |
-1.0 |
Brazil |
3.8 |
7.4% |
4.3 |
17.5% |
-0.5 |
-0.1 |
Source dataset: ext_st_eu27_2020sitc
|
||||||
Annex - Seasonally adjusted data
In May 2024 compared with April 2024, euro area seasonally adjusted exports decreased by 2.6%, while imports decreased by 0.1%. The seasonally adjusted balance was €12.3 bn, a fall compared with April (€18.5 bn).
In May 2024 compared with April 2024, EU seasonally adjusted exports decreased by 3.2%, while imports increased by 0.4%. The seasonally adjusted balance was €8.6 bn, a fall compared with April (€16.5 bn).
In the latest three months of 2024, euro area seasonally adjusted exports increased by 1.0% while imports increased by 2.7%, in comparison with December 2023-February 2024. Similarly, EU seasonally adjusted exports and imports increased by 1.4% and 3.2% in comparison with December 2023-February 2024.
EA and EU trade - seasonally adjusted data - (bn €) |
|||||
|---|---|---|---|---|---|
Apr 24 |
May 24 |
Growth rates |
Mar 24 - May 24 |
Growth rates (compared to the previous three months) |
|
Euro area |
|
|
|
|
|
Extra-EA exports |
243.9 |
237.4 |
-2.6% |
718.9 |
1.0% |
Extra-EA imports |
225.4 |
225.1 |
-0.1% |
672.3 |
2.7% |
Balance |
18.5 |
12.3 |
|
46.6 |
|
Intra-EA |
216.6 |
210.4 |
-2.8% |
640.6 |
-0.4% |
EU |
|
|
|
|
|
Extra-EU exports |
220.1 |
213.0 |
-3.2% |
646.9 |
1.4% |
Extra-EU imports |
203.6 |
204.4 |
0.4% |
607.6 |
3.2% |
Balance |
16.5 |
8.6 |
|
39.3 |
|
Intra-EU |
339.1 |
333.2 |
-1.7% |
1008.3 |
0.0% |
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 July 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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Phone: (+352) 4301 32 493
E-mail: estat-etfree@ec.europa.eu