EU Surplus Rises to €19.1 Billion in July 2024

The European Union (EU) recorded a trade surplus of €19.1 billion in goods with the rest of the world in July 2024, compared to €4.9 billion in July 2023. This growth reflects a significant increase in both exports and imports, with exports up by 11.6% to €230.2 billion and imports rising by 4.8% to €211.1 billion.

Similarly, the euro area showed a surplus of €21.2 billion in July 2024, up from €6.7 billion a year earlier. Euro area exports reached €252.0 billion, marking a 10.2% increase, while imports grew by 4.0% to €230.8 billion.

For both the EU and the euro area, the surplus was influenced by stronger exports in chemicals and related products. However, deficits in energy and raw materials slightly decreased the overall balance.

In the period from January to July 2024, the EU recorded a surplus of €114.3 billion, compared with a deficit of €11.6 billion in the same period in 2023. Extra-EU exports rose by 1.4%, while imports dropped by 7.0%.

Key trading partners included the United States, China, and the United Kingdom, with notable surpluses in trade with the U.S. and U.K., but a significant deficit with China.