BRUSSELS: The EU balance for trade in goods was pound 40.4 billion in the second quarter of 2024, down from pound 55.3 billion in the previous quarter, according to figures published by Eurostat, the statistical office of the European Union.

As such, the trade balance has now shown a surplus for 4 quarters in a row, following a period of deficits from the fourth quarter of 2021 to the second quarter of 2023, primarily due to a high deficit for energy offsetting surpluses in other product categories.

In the second quarter of 2024, the surpluses recorded in machinery and vehicles (pound 56.9 billion), chemicals and related materials (pound 59.3 billion), food and drink (pound 13.9 billion), other manufactured goods (pound 1.8 billion) and other goods (pound 3.2 billion) outweighed the deficits in energy (-pound 88.4 billion) and raw materials (-pound 6.3 billion).

In the second quarter of 2024, imports of goods from non-EU countries to the EU increased by 3.4 percent compared with the previous quarter, while
exports were almost steady, rising 0.7 percent. Imports grew after having declined for 6 consecutive quarters, while export levels continued to go up for the third quarter in a row.

Source: Emirates News Agency