Euro area trade surplus widens in July ’24

The euro area recorded a €21.2 billion trade surplus in goods for July 2024, up from €6.7 billion in July 2023. Exports rose 10.2 per cent year-over-year to €252.0 billion, while imports increased by 4.0 per cent to €230.8 billion.

Compared to June 2024, the surplus slightly decreased from €21.7 billion due to higher deficits in energy and raw materials, though a rise in chemicals’ surplus partially offset this.

For January to July 2024, the euro area achieved a €127.7 billion surplus, significantly improving from €3.7 billion in the same period of 2023.

The EU’s trade surplus also increased to €19.1 billion in July 2024, compared to €4.9 billion a year earlier. Extra-EU exports rose 11.6 per cent to €230.2 billion, while imports grew by 4.8 per cent to €211.1 billion.

Year-to-date, the EU’s surplus stands at €114.3 billion, reversing a deficit of €11.6 billion in January-July 2023. Both euro area and EU trade balances saw slight decreases from June due to rising energy deficits and adjustments in manufactured goods balances.