In November 2024, the European Union (EU) recorded a trade surplus of €14.3 billion in goods with non-EU countries. It has a slight decrease from the €17.2 billion surplus in November 2023. This change reflects a 1.2% decline in exports. A marginal 0.1% increase in imports compared to the same month in the previous year.
Exports and Imports
- Exports: The EU exported goods worth €223.1 billion in November 2024, down from €225.8 billion in November 2023, marking a 1.2% decrease.
- Imports: Imports totaled €208.8 billion, a slight increase from €208.6 billion in the same period last year, representing a 0.1% rise.
Trade Balance Trends
The trade surplus of €14.3 billion in November 2024 is part of a consistent trend of surpluses observed over the past four quarters. Moreover, this surplus follows deficits from late 2021 to mid-2023, driven by high energy deficits exceeding other surpluses.
Product Category Performance
- Chemicals and Related Products: The surplus in this category increased from €19.0 billion in October 2024 to €22.2 billion in November 2024.
- Other Manufactured Goods: This category shifted from a deficit of €3.7 billion in October 2024 to a surplus of €0.3 billion in November 2024.
Year-to-Date Analysis
Between January and November 2024, the EU achieved a cumulative trade surplus of €135.8 billion. Also, a significant increase from the €18.3 billion surplus recorded during the same period in 2023. This improvement is attributed to a 0.8% rise in exports, totaling €2,375.0 billion, and a 4.2% decrease in imports, amounting to €2,239.2 billion.
Intra-EU Trade
Trade within EU member states reached €214.8 billion in November 2024, a 7.0% decrease compared to November 2023. Intra-EU trade from January to November 2024 totaled €3,722.2 billion, a 2.6% drop from 2023.
Economic Context
The European Commission’s Autumn 2024 Economic Forecast projects that EU economic growth will pick up to 1.5% in 2025, driven by increased consumption and a rebound in investment. Also, this anticipated growth aligns with the observed trade surplus trends, suggesting a gradual economic recovery.
Conclusion
The EU’s trade surplus in November 2024 shows stronger trade performance. Surpluses in chemicals and manufactured goods drive this trend. A decline in intra-EU trade calls for policies to boost internal market activity.
