BRUSSELS, 21st May, 2024 (WAM) -- The first estimates of euro area balance showed a €24.1 bn surplus in trade in goods with the rest of the world in March 2024, compared with +€19.1 bn in March 2023, according to Eurostat, the statistical office of the European Union.
The euro area exports of goods to the rest of the world in March 2024 were €245.4 billion, a decrease of 9.2% compared with March 2023 (€270.4 bn). Imports from the rest of the world stood at €221.3 bn, a fall of 12.0% compared with March 2023 (€251.4 bn).
In March 2024 compared to February 2024, there was very little change in the composition of the trade balance by product. The only significant change was an increase in the surplus for ‘chemicals’ from €19.3bn in February to €23.3bn in March. As a result, the overall surplus increased.
In January to March 2024, the euro area recorded a surplus of €57.5 bn, compared with €-9.4 bn in January-March 2023. The euro area exports of goods to the rest of the world fell to €705.0 bn (a decrease of 3.2% compared with January-March 2023), and imports fell to €647.5 bn (a decrease of 12.3% compared with January-March 2023). Intra-euro area trade fell to €650.8 bn in January-March 2024, down by 8.4% compared with January-March 2023.
The EU balance showed a €21.7 bn surplus in trade in goods with the rest of the world in March 2024, compared with a €17.4 bn surplus in March 2023.
The extra-EU exports of goods in March 2024 was €219.6 billion, down by 9.5% compared with March 2023 (€242.6 bn).
Imports from the rest of the world stood at €197.9 bn, down by 12.1% compared with March 2023 (€225.2 bn).