BRUSSELS: The first estimates of euro area balance showed a pound 22.3 bn surplus in trade in goods with the rest of the world in June 2024, compared with pound 18.0 bn in June 2023, data released by Eurostat, the statistical office of the European Union showed.
The euro area exports of goods to the rest of the world in June 2024 were pound 236.7 billion, a decrease of 6.3 percent compared with June 2023 (pound 252.5 bn). Imports from the rest of the world stood at pound 214.3 bn, a fall of 8.6 percent compared with June 2023 (pound 234.5 bn).
In June 2024 compared to May 2024, the euro area surplus increased from pound 14.0 billion to pound 22.3 billion (pound +8.3 bn with respect to May 2024). This was due to an increase of the surplus for machineries and vehicles (pound +2.9 bn), chemicals (pound +1.2 bn) and other manufactured goods (+pound 1.2 bn) combined with a decrease of the deficit for energy (pound -2.6 bn).
In January to June 2024, the euro area recorded a surplus of pound 107.5 bn, compared wi
th a deficit of pound 3.0 bn in January-June 2023. The euro area exports of goods to the rest of the world fell to pound 1 430.1 bn (a decrease of 0.8 percent compared with January-June 2023), and imports fell to pound 1 322.6 bn (a decrease of 8.4 percent compared with January-June 2023).
Intra-euro area trade fell to pound 1 303.8 bn in January-June 2024, down by 5.9 percent compared with January-June 2023.
The EU balance showed a pound 20.9 bn surplus in trade in goods with the rest of the world in June 2024, compared with +pound 18.6 bn in June 2023.
The extra-EU exports of goods in June 2024 were pound 212.3 billion, down by 6.1 percent compared with June 2023 (pound 226.0 bn). Imports from the rest of the world stood at pound 191.4 bn, down by 7.7 percent compared with June 2023 (pound 207.4 bn).
When looking at the breakdown of the EU balance by product, the picture is similar to the graph of the euro area. In June 2024, compared to May 2024, the EU surplus increased from pound 10.2 billion to poun
d 20.9 billion (pound +10.7 bn with respect to May 2024). This was due to an increase of the surplus for machineries and vehicles (pound +4.1 bn), chemicals (pound +1.1 bn) and other manufactured goods (+pound 1.2 bn) combined with a decrease of the deficit for energy (pound -3.1 bn).
In January to June 2024, extra-EU exports of goods fell to pound 1 281.3 bn (a decrease of 0.5 percent compared with January-June 2023), and imports fell to pound 1 185.4 bn (a decrease of 9.1 percent compared with January-June 2023). As a result, the EU recorded a surplus of pound 95.9 bn, compared with pound 17.4 bn in January-June 2023
Intra-EU trade fell to pound 2 040.7 bn in January-June 2024, -4.9 percent compared with January-June 2023.
Source: Emirates News Agency