Eurozone, December 2024 foreign goods trade surplus of 15.5 billion euros

Brussels – The increase in goods imports in the eurozone exceeds that of exports by 0.7 percentage points. As a result, according to preliminary data from Eurostat, the trade balance of the euro area in December 2024 showed a surplus with the rest of the world of 15.5 billion, lower than the 16.4 billion in December 2023. The smaller surplus is attributable to the increase in imports from the rest of the world (211 billion euros, up 3.8 percent from the 203.3 billion in December 2023), mitigated by a 3.1 percent increase in exports at the end of the year (226.5 billion euros, compared to 219.7 billion in December 2023).

In the last month of last year, the eurozone recorded “a slight decrease” — of about half a billion euros — in the surplus compared to the previous month. By category, there was a decrease in five sectors. Leading the way were chemical products, which recorded the most significant decline (from 23.0 to 20.6 billion euros). Machinery and vehicles, however, saw a substantial increase, rising from 13.0 to 16.7 billion euros.

Looking at the partner countries, in December 2024, the trade balance relating to the exchange of goods between EU countries with the single currency and the United States favors the EU. European exports increased by 5.6 percent compared to a year earlier, while purchases of products ‘made in the US’ decreased by 10.8 percent. The decline has drawn the spotlight back to bilateral trade relations, which Washington considers too disadvantageous and for which US President Donald Trump has decided to start imposing tariffs to rebalance import and export flows.

At the same time, the trade deficit between the Eurozone and China is widening. Compared with December 2023, in  December 2024, there was a decrease in European exports by 8.8 percent and an increase in Chinese imports by 10.3 percent, respectively. As a result, the trade situation is in favor of Beijing.