What is the EU trade surplus with the US?

The EU's trade surplus with the U.S. rose to a record high of €43.6 billion ($47.3 billion) in the first quarter of 2024 , official data shows. The 27% jump from the same period last year reflected both an increase in exports to the U.S. and a reduction in imports to the EU.

What is the total trade value of the EU?

In 2022, the total level of trade in goods (exports and imports) recorded for the EU was €5 575 billion (note this does not include intra-EU trade), which was €417 billion lower than the value for China and €414 billion above the level recorded for the United States.

How much of the European Union's trade with the rest of the world accounts for?

Europe is the world's largest exporter of manufactured goods and services, and is itself the biggest export market for around 80 countries. Together, the European Union's members account for 16% of world imports and exports (2022 data).

What is euro in international trade?

The euro is a major global reserve currency , the second most widely held international reserve currency after the U.S. dollar.

What is trade in goods surplus?

A numerically positive balance of trade, also known as a trade surplus, occurs when a country exports more goods than it imports . This means that the country is earning more from its exports than it is spending on its imports, and it is generally seen as a sign of economic strength.

Is the United States in a trade surplus?

As of 2023, the United States had a trade deficit of about 773 billion U.S. dollars . The U.S. trade deficit has increased since 2009, peaking in 2022. Most recently, 2023 marked the year when the U.S. trade deficit decreased on the previous year.

What does Europe import from the USA?

Top 3 goods that the EU imports from the US: Natural gas . Petroleum oils and crude. Medicinal and pharmaceutical products.

How much is the European market worth?

Facts and figures on the European Union economy The European Union operates as a single market made up of 27 countries. The total value of all goods and services produced (gross domestic product or GDP) in the EU in 2021 was € 14.5 trillion .

What is the total value of international trade?

Global trade should hit a record $32 trillion for 2022, but a slowdown that began in the second half of the year is expected to worsen in 2023 as geopolitical tensions and tight financial conditions persist, according to the latest Global Trade Update, published by UNCTAD on 13 December.

What is the trade balance in Europe?

Recent trade data shows that in the second quarter of 2023, exports fell by 2.0% and imports by 3.5%, leading to a small trade surplus of €1 billion . This shows a clear improvement from the €155 billion deficit registered in the third quarter of 2022, the highest deficit level since 2019.

Who pays the most to the European Union?

Contributions to the budget of the European Union in 2021, by member state. In 2021 Germany's contribution to the budget of the European Union was more than 33 billion Euros, the highest of any EU member state.

Who does the US trade with most?

The top five purchasers of U.S. goods exports in 2022 were: Canada ($356.5 billion), Mexico ($324.3 billion), China ($150.4 billion), Japan ($80.2 billion), and the United Kingdom ($76.2 billion) .

Who is the biggest exporter in Europe?

Germany : Europe's largest exporter of goods In 2021, it was still the EU's leading exporter, accounting for 20.1% of all European exports.

Euro area international trade in goods surplus €24.1 bn (2024)

Euro indicators 21 May 2024 Next release: 14 June 2024

March 2024

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EU surplus €21.7 bn

Euro area

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.

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.

Euro area trade - non seasonally adjusted data (bn €)
Flows	Mar 23	Mar 24	Growth rates	Jan-Mar 23	Jan-Mar 24	Growth rates
Extra-EA exports	270.4	245.4	-9.2%	728.6	705.0	-3.2%
Extra-EA imports	251.4	221.3	-12.0%	737.9	647.5	-12.3%
Extra-EA trade balance	19.1	24.1		-9.4	57.5
Intra-EA trade	253.5	222.1	-12.4%	710.8	650.8	-8.4%
Source dataset: ext_st_ea_sitc

European Union

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).

When looking at the breakdown of the EU balance by product, the picture is similar to the graph of the euro area. In March 2024, the surplus recorded in ‘chemicals’ increased compared with February 2024, whilethe surplus for‘machinery and vehicles’ decreased. Despite these fluctuations, the overall balance of the EU remained relatively stable in comparison to February 2024.