Euro area international trade in goods surplus €4.6 bn
Euro area
The first estimates of euro area balance showed a €4.6 bn surplus in trade in goods with the rest of the world in August 2024, compared with €4.8 bn in August 2023.
The euro area exports of goods to the rest of the world in August 2024 was €216.7 bn, a decrease of 2.4% compared with August 2023 (€222.0 bn).
Imports from the rest of the world stood at €212.1 bn, a fall of 2.3% compared with August 2023 (€217.2 bn).
In August 2024 the euro area surplus decreased significantly compared to July 2024, dropping from €19.7 bn to €4.6 bn. This decrease was mainly driven by a reduced surplus for machineries and vehicles (from €+17.7 bn to €+10.0 bn) and a shift in the balance for other manufactured goods (from €+0.1 bn to €-3.9 bn).
In January to August 2024, the euro area recorded a surplus of €129.6 bn, compared with €6.2 bn in January-August 2023.The euro area exports of goods to the rest of the world rose to €1 900.6 bn (an increase of 0.3% compared with January-August 2023), and imports fell to €1 771.0 bn (a decrease of 6.2% compared with January-August 2023).
Intra-euro area trade fell to €1 714.6 bn in January-August 2024, down by 4.2% compared with January-August 2023.
Flows |
Aug 23 |
Aug 24 |
Growth rates |
Jan-Aug 23 |
Jan-Aug 24 |
Growth rates |
|---|---|---|---|---|---|---|
Extra-EA exports |
222.0 |
216.7 |
-2.4% |
1 894.5 |
1 900.6 |
0.3% |
Extra-EA imports |
217.2 |
212.1 |
-2.3% |
1 888.3 |
1 771.0 |
-6.2% |
Extra-EA trade balance |
4.8 |
4.6 |
6.2 |
129.6 |
||
Intra-EA trade |
191.7 |
183.5 |
-4.3% |
1 789.0 |
1 714.6 |
-4.2% |
European Union
The EU balance showed a €1.7 bn deficit in trade in goods with the rest of the world in August 2024, compared with a surplus of €0.4 bn in August 2023.
The extra-EU exports of goods in August 2024 was €195.6 bn, down by 1.8% compared with August 2023 (€199.2 bn). Imports from the rest of the world stood at €197.2 bn, down by 0.8% compared with August 2023 (€198.8 bn).
When looking at the breakdown of the EU balance by product, the picture is similar to the graph of the euro area. In August 2024, compared to July 2024, the EU balance decreased significantly and shifted from €+16.8 to €-1.7 bn.
This decrease was mainly driven by a reduced surplus for machineries and vehicles (from €+20.1 bn to €+11.2 bn) and an increase in the deficit for other manufactured goods (from €-1.4 bn to €-7.0 bn).
In January to August 2024, extra-EU exports of goods rose to €1 709.1 bn (an increase of 0.8% compared with January-August 2023), and imports fell to €1 599.8 bn (a decrease of 6.3% compared with January-August 2023). As a result, the EU recorded a surplus of €109.3 bn, compared with €-12.4 bn in January-August 2023.
Intra-EU trade fell to €2 684.0 bn in January-August 2024, -3.2% compared with January-August 2023.
Flows |
Aug 23 |
Aug 24 |
Growth rates |
Jan-Aug 23 |
Jan-Aug 24 |
Growth rates |
|---|---|---|---|---|---|---|
Extra-EU exports |
199.2 |
195.6 |
-1.8% |
1 695.7 |
1 709.1 |
0.8% |
Extra-EU imports |
198.8 |
197.2 |
-0.8% |
1 708.2 |
1 599.8 |
-6.3% |
Extra-EU trade balance |
0.4 |
-1.7 |
-12.4 |
109.3 |
||
Intra-EU trade |
304.5 |
295.5 |
-3.0% |
2 772.4 |
2 684.0 |
-3.2% |
Extra-EU exports |
Extra-EU imports |
Trade balance |
||||
|---|---|---|---|---|---|---|
Aug 24 |
Growth rates |
Aug 24 |
Growth rates |
Aug 24 |
Aug 23 |
|
Total |
195.6 |
-1.8% |
197.2 |
-0.8% |
-1.7 |
0.4 |
Primary goods: |
32.0 |
-4.7% |
59.9 |
-2.8% |
-27.9 |
-28.0 |
Food & drink |
16.7 |
0.9% |
12.3 |
8.1% |
4.4 |
5.1 |
Raw materials |
5.0 |
1.3% |
7.8 |
6.2% |
-2.8 |
-2.4 |
Energy |
10.4 |
-14.7% |
39.8 |
-7.2% |
-29.4 |
-30.7 |
Manufactured goods: |
160.5 |
-1.6% |
135.5 |
-0.3% |
25.0 |
27.2 |
Chemicals & related products |
45.2 |
9.8% |
24.4 |
-5.0% |
20.8 |
15.5 |
Machinery & vehicles |
73.7 |
-7.2% |
62.5 |
-2.3% |
11.2 |
15.5 |
Other manuf’d goods |
41.6 |
-2.1% |
48.6 |
5.2% |
-7.0 |
-3.7 |
Other |
3.1 |
19.3% |
1.8 |
38.5% |
1.2 |
1.2 |
Exports |
Import |
Trade balance |
||||
|---|---|---|---|---|---|---|
Aug 24 |
Growth rates |
Aug 24 |
Growth rates |
Aug 24 |
Aug 23 |
|
United States |
41.9 |
3.0% |
26.6 |
-3.9% |
15.3 |
13.0 |
China |
15.8 |
-10.9% |
45.5 |
11.6% |
-29.6 |
-23.0 |
United Kingdom |
25.4 |
-0.3% |
12.9 |
-7.6% |
12.4 |
11.4 |
Switzerland |
13.5 |
-1.9% |
9.3 |
-13.9% |
4.2 |
2.9 |
Türkiye |
8.3 |
4.4% |
7.5 |
-1.3% |
0.8 |
0.3 |
Norway |
4.8 |
-4.3% |
8.0 |
-7.3% |
-3.2 |
-3.6 |
Japan |
5.4 |
1.8% |
4.7 |
-17.9% |
0.8 |
-0.3 |
South Korea |
4.0 |
-6.3% |
5.6 |
-7.0% |
-1.6 |
-1.8 |
India |
3.7 |
-4.2% |
5.2 |
-7.1% |
-1.5 |
-1.8 |
Brazil |
3.3 |
-4.9% |
3.5 |
-15.5% |
-0.2 |
-0.7 |
Annex - Seasonally adjusted data
In August 2024 compared with July 2024, seasonally adjusted exports in the euro area decreased by 0.1%, while imports increased by 1.0%. The seasonally adjusted balance was €+11.0 bn, a decrease compared with July (€+13.7 bn).
In August 2024 compared with July 2024, seasonally adjusted exports in the EU decreased by 0.1%, while imports increased by 1.0%. The seasonally adjusted balance was €+7.9 bn, a decrease compared with July (€+10.3 bn).
In the last three months, seasonally adjusted exports in the euro area decreased by 0.8% while imports decreased by 0.1%, in comparison with March 2024-May 2024. Seasonally adjusted exports in the EU decreased by 0.7%, while imports increased by 0.3% in comparison with March 2024-May 2024.
July 24 |
Aug 24 |
Growth rates |
June 24 - Aug 24 |
Growth rates (compared to the previous three months) |
|
|---|---|---|---|---|---|
Euro area |
|
|
|
|
|
Extra-EA exports |
238.2 |
237.9 |
-0.1% |
713.0 |
-0.8% |
Extra-EA imports |
224.5 |
226.8 |
1.0% |
672.3 |
-0.1% |
Balance |
13.7 |
11.0 |
|
40.7 |
|
Intra-EA |
216.1 |
215.1 |
-0.5% |
643.9 |
0.1% |
EU |
|
|
|
|
|
Extra-EU exports |
214.6 |
214.4 |
-0.1% |
643.3 |
-0.7% |
Extra-EU imports |
204.4 |
206.5 |
1.0% |
611.3 |
0.3% |
Balance |
10.3 |
7.9 |
|
32.0 |
|
Intra-EU |
336.7 |
339.6 |
0.9% |
1010.1 |
0.2% |
Notes for users
Revisions and timetable
This News Release is based on information transmitted by Member States to Eurostat before 14 October 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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Further information on data
Anton ROODHUIJZEN
Phone: (+352) 4301 35 792
Michele MAROTTA
Phone: (+352) 4301 32 493
E-mail: estat-etfree@ec.europa.eu