Eurostat: EU trade balance in goods to be 51.2 billion euros in Q1 2024

In the first quarter of 2024, non-EU imports of goods to the EU fell by 2.9% from the previous quarter, while exports rose by 0.3%. This marked the second consecutive quarter of rising export levels, while imports have fallen for six consecutive quarters.

The EU's goods trade balance rose from 31.7 billion euros in the fourth quarter of 2023 to 51.2 billion euros in the first quarter of 2024. After a deficit from the fourth quarter of 2021 to the second quarter of 2023, the trade balance was in surplus for three consecutive quarters, mainly due to a high energy trade deficit, which offset surpluses in other product categories.

In the first quarter of 2024, surpluses in machinery and vehicles (€65.7 billion), chemicals (€57.6 billion), food and beverages (€15.7 billion), other manufactured goods (€4.8 billion) and other goods (€1.3 billion) exceeded deficits in energy (-€87.7 billion) and raw materials (-€6.3 billion).