EU records trade surplus of $40.9 bn in 2023

30 Mar '24

2 min read

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In 2023, the European Union recorded a €38 billion (approximately $40.9 billion) trade surplus, a stark shift from 2022's €436 billion deficit, as per Eurostat.
This turnaround was due to a 16 per cent decline in non-EU imports, notably in energy products (34 per cent) and manufactured goods (21 per cent), driven by lower prices and volumes.

The European Union (EU) recorded a trade surplus of €38 billion (approximately $40.9 billion) in 2023, according to the latest data from Eurostat, the statistical office of the EU. This development is a stark contrast to the situation in 2022, when the EU faced a substantial trade deficit of €436 billion (approximately $469.8 billion). The deficit in the previous year was largely attributed to a significant increase in the cost of energy imports, driven by soaring energy prices.

The transformation from a deficit to a surplus within a year can be credited to a considerable decline in the value of imports from outside the EU, which fell by 16 per cent compared with the previous year. This reduction was primarily seen in two categories: ‘energy products’, which saw a 34 per cent decrease, and ‘manufactured goods classified chiefly by material’, which experienced a 21 per cent drop. The declines in these sectors were the result of both falling prices and reduced volumes.

The distribution of trade within the EU also showed interesting patterns. Luxembourg stood out with the highest proportion of intra-EU imports, which constituted 90 per cent of its total imports, showcasing its deep integration into the EU market. Conversely, Czechia emerged as the leader in intra-EU exports, with 82 per cent of its total exports going to other EU member states, highlighting its role as a significant exporter within the bloc, as per Eurostat.

On the flip side, Ireland recorded the lowest share of intra-EU imports, at just 39 per cent of its total imports. This is primarily because Ireland's main trading partners are outside the EU, notably the US and the UK.

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