For the first quarter (Q1) of 2024 (January to March), the euro area recorded a surplus of €57.5 billion, a stark contrast to the deficit of €9.4 billion in the same period in 2023. The euro area exports of goods to the rest of the world fell to €705.0 billion, a decrease of 3.2 per cent compared with January-March 2023, while imports fell to €647.5 billion, a decrease of 12.3 per cent compared with the same period in 2023. Intra-euro area trade also declined to €650.8 billion in January-March 2024, down by 8.4 per cent from January-March 2023.
The European Union (EU) also recorded a trade surplus, showing a €21.7 billion (approximately $23.54 billion) surplus in trade in goods with the rest of the world in March 2024, compared to a €17.4 billion surplus in March 2023. Extra-EU exports of goods in March 2024 were €219.6 billion, down by 9.5 per cent compared with March 2023 (€242.6 billion). Imports from the rest of the world stood at €197.9 billion, down by 12.1 per cent compared with March 2023 (€225.2 billion).
The euro area recorded a €24.1 billion surplus in March 2024, up from €19.1 billion in March 2023, despite a 9.2 per cent drop in exports and a 12 per cent fall in imports.
Q1 2024 saw a €57.5 billion surplus versus a €9.4 billion deficit in Q1 2023.
The EU also had a €21.7 billion surplus in March 2024, with Q1 showing a €48.7 billion surplus.
For the first quarter of 2024, extra-EU exports of goods fell to €628.8 billion, a decrease of 3.3 per cent compared with January-March 2023, and imports fell to €580.1 billion, a decrease of 13.4 per cent from the same period in 2023. As a result, the EU recorded a surplus of €48.7 billion, compared with a deficit of €19.2 billion in January-March 2023. Intra-EU trade declined to €1,022.2 billion in January-March 2024, a 6.9 per cent decrease compared with January-March 2023.
Fibre2Fashion News Desk (DP)