EU trade surplus narrows in Q2 ’24

The European Union’s (EU) trade balance for goods recorded a surplus of €40.4 billion ($45.2 billion) in the second quarter of 2024, down from €55.3 billion in the previous quarter.

This is the fourth consecutive quarter of surplus, following a period of deficits from the second quarter of 2021 to the second quarter of 2023, largely driven by a high energy deficit.

In the second quarter of 2024, significant surpluses were noted in machinery and vehicles (€56.9 billion), chemicals and related materials (€59.3 billion), food and drink (€13.9 billion), other manufactured goods (€1.8 billion), and other goods (€3.2 billion).

These surpluses outweighed the deficits in energy (-€88.4 billion) and raw materials (-€6.3 billion).

Imports from non-EU countries increased by 3.4 per cent compared to the previous quarter, while exports rose by 0.7 per cent.

This growth in imports follows six consecutive quarters of decline, while export levels have been rising for three consecutive quarters.

These figures highlight the dynamic nature of the EU’s trade landscape, with ongoing challenges in the energy sector impacting the overall trade balance.