Euro area & EU show mixed trade trends in December 2024

The euro area registered a trade surplus of €15.5 billion (~$16.28 billion) in goods with the rest of the world in December 2024, a slight decrease from €16.4 billion (~$17.22 billion) in December 2023, as per EUROSTAT estimate.

Exports increased by 3.1 per cent to €226.5 billion (~$237.83 billion), up from €219.7 billion (~$230.69 billion) in December 2023. However, imports grew at a slightly faster rate of 3.8 per cent, reaching €211.0 billion (~$221.55 billion) from €203.3 billion (~$213.47 billion) a year earlier. Compared to November 2024, the euro area’s trade surplus declined from €16.0 billion (~$16.80 billion) to €15.5 billion (~$16.28 billion). Among product groups, machineries and vehicles recorded the most significant increase, rising from €13.0 billion (~$13.65 billion) to €16.7 billion (~$17.54 billion).

For the entire year of 2024, the euro area accumulated a total trade surplus of €176.9 billion (~$185.75 billion), a substantial rise from €57.4 billion (~$60.27 billion) in 2023. While exports grew by 0.6 per cent to €2,864.0 billion (~$3,007.2 billion), imports declined by 3.7 per cent to €2,687.0 billion (~$2,821.35 billion). However, intra-euro area trade declined by 2.9 per cent to €2,566.2 billion (~$2,694.51 billion) compared to 2023.

The European Union recorded a trade surplus of €16.3 billion (~$17.12 billion) in December 2024, a slight increase from €16.1 billion (~$16.91 billion) in December 2023. Extra-EU exports increased by 3.7 per cent, reaching €209.0 billion (~$219.45 billion), while imports rose by 3.9 per cent to €192.7 billion (~$202.34 billion).

In contrast to the euro area, the EU’s trade surplus expanded between November and December 2024, rising from €12.7 billion (~$13.34 billion) to €16.3 billion (~$17.12 billion). This growth was driven primarily by a higher surplus in machineries and vehicles, which increased from €15.6 billion (~$16.38 billion) to €18.8 billion (~$19.74 billion).

For the full year of 2024, extra-EU exports grew by 1.1 per cent to €2,584.1 billion (~$2,713.31 billion), while imports dropped by 3.5 per cent to €2,434.0 billion (~$2,555.70 billion). As a result, the EU’s annual trade surplus surged to €150.1 billion (~$157.61 billion), up from €34.4 billion (~$36.12 billion) in 2023. However, intra-EU trade fell by 2.2 per cent to €4,023.9 billion (~$4,225.10 billion).

Seasonally adjusted trade figures for December 2024 revealed minor fluctuations. In the euro area, exports and imports decreased by 0.2 per cent and 0.8 per cent, respectively, compared to November 2024, increasing the trade balance to €14.6 billion (~$15.33 billion) from €13.3 billion (~$13.97 billion). Meanwhile, the EU’s seasonally adjusted exports rose by 0.1 per cent, while imports declined by 1.2 per cent, leading to a trade surplus increase from €10.1 billion (~$10.61 billion) in November 2024 to €12.9 billion (~$13.55 billion) in December 2024.

Looking at the last quarter of 2024, seasonally adjusted exports and imports in the euro area rose by 0.7 per cent and 0.8 per cent, respectively, compared to the third quarter of 2024. Similarly, EU exports and imports both grew by 0.4 per cent over the same period.

Fibre2Fashion News Desk (HU)