Surplus in EU trade in goods for 6 quarters in a row

In the final quarter of 2024, the EU exported more goods to non-EU countries than it imported, resulting in a trade surplus of €27.2 billion. This marked the sixth consecutive quarter of a positive trade balance, following a period of deficits driven by soaring energy costs from late 2021 to mid-2023.

The positive trade balance in the fourth quarter of 2024 was driven by surpluses in trade in chemicals and related products (+€60.1 billion), machinery and vehicles (+€48.0 billion), food and drink (+€10.7 billion) and other goods (+€5.5 billion). In contrast, trade deficits were reported for energy (-€82.8 billion), raw materials (-€7.2 billion) and other manufactured goods (-€7.1 billion).

EU trade balance by product group, Q1 2020 to Q4 2024, € billion, seasonally adjusted data. Chart. See link to full dataset below.

Source dataset: ext_st_eu27_2020sitc

In the fourth quarter of 2024, both exports and imports of goods increased by 0.4%. The level of imports increased for the third quarter in a row, while the growth in exports came after a decrease in the third quarter of 2024.

EU trade in goods, Q1 2020 to Q4 2024, % quarterly growth rate, seasonally adjusted data. Chart. See link to a full dataset below.