The euro area recorded a trade surplus of €22.3 billion (approximately $24.7 billion) in June 2024, up from €18 billion in June 2023, according to the first estimates of Eurostat, the statistical office of the European Union (EU). Euro area exports of goods to the rest of the world in June 2024 amounted to €236.7 billion, marking a 6.3 per cent decrease compared to June 2023, when exports were €252.5 billion.

Imports, meanwhile, fell by 8.6 per cent to €214.3 billion, down from €234.5 billion in June 2023. This decrease in both exports and imports contributed to the widening trade surplus in the euro area.

When compared to the previous month, the euro area surplus in June 2024 increased significantly from €14 billion in May 2024, reflecting a month-on-month improvement of €8.3 billion, as per Eurostat.

For the first half (H1) of 2024 (January to June), the euro area recorded a substantial trade surplus of €107.5 billion, a sharp contrast to the €3 billion deficit recorded during the same period in 2023. During this time, euro area exports fell slightly by 0.8 per cent to €1,430.1 billion, while imports decreased more sharply by 8.4 per cent to €1,322.6 billion. Intra-euro area trade also saw a decline, dropping by 5.9 per cent to €1,303.8 billion.

Similarly, the EU posted a trade surplus of €20.9 billion (approximately $23.15 billion) in June 2024, compared to a surplus of €18.6 billion in June 2023. Extra-EU exports of goods in June 2024 were €212.3 billion, a decrease of 6.1 per cent from the €226 billion recorded in June 2023. Imports from the rest of the world declined by 7.7 per cent to €191.4 billion, down from €207.4 billion in June 2023.

The EU also experienced an improvement in its trade balance from May to June 2024, with the surplus increasing from €10.2 billion to €20.9 billion, representing a €10.7 billion month-on-month rise.

In the first six months of 2024, extra-EU exports of goods decreased slightly by 0.5 per cent to €1,281.3 billion, while imports fell by 9.1 per cent to €1,185.4 billion. As a result, the EU recorded a trade surplus of €95.9 billion in the January-June 2024 period, a significant increase from the €17.4 billion surplus recorded in the same period of 2023. Intra-EU trade declined by 4.9 per cent to €2,040.7 billion during this period.

Fibre2Fashion News Desk (DP)