Jan 2024 goods trade surplus $12.39 bn for euro area, $6.73 bn for EU

Exports of goods from the euro area to the rest of the world in the month were worth €225.9 billion (~$245.5 billion)—an increase of 1.3 per cent year on year (YoY). Imports from the rest of the world stood at €214.5 billion (~$233 billion)—a fall of 16.1 per cent YoY.

The overall surplus in the euro area was primarily driven by a surplus in the chemical sector, followed by machinery and vehicles. These developments were partly offset by a deficit in the energy sector.

The euro area recorded a goods trade surplus of €64 billion (~$69.53 billion) last year. Its exports of goods to the rest of the world last year stood at €2,841.7 billion—a decrease of 1.1 per cent YoY, while imports fell to €2,777.7 billion—a decrease of 13.4 per cent YoY.

Intra-euro area trade fell to €2,630.8 billion (~$2,858.5 billion) in 2023—down by 5.1 per cent YoY.

The European Union (EU) showed a €6.2-billion (~$6.73-billion) surplus in trade in goods with the rest of the world in January this year compared with a deficit of €38.6 billion (~$41.94 billion) in January last year.

The EU exports of goods in the month were worth €198.7 billion (~$215.9 billion), same as in January 2023. The bloc’s imports of goods stood at €192.4 billion (~$209.05 billion)—down by 18.9 per cent YoY. A breakdown of the EU balance by product shows the picture is similar to the graph of the euro area.

The EU showed a €38 billion (~$41.28 billion) goods trade surplus last year. The bloc’s exports of goods stood at €2,555.5 billion, a slight decrease YoY. Imports to the bloc fell to €2,517.6 billion—a decrease of 16.3 per cent YoY.

Intra-EU trade fell to €4,102.3 billion (~$4,457.35 billion) in 2023.

ALCHEMPro News Desk (DS)