BRUSSELS: The first estimates of euro area balance showed a pound 24.1 bn surplus in trade in goods with the rest of the world in March 2024, compared with +pound 19.1 bn in March 2023, according to Eurostat, the statistical office of the European Union.

The euro area exports of goods to the rest of the world in March 2024 were pound 245.4 billion, a decrease of 9.2% compared with March 2023 (pound 270.4 bn). Imports from the rest of the world stood at pound 221.3 bn, a fall of 12.0% compared with March 2023 (pound 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 pound 19.3bn in February to pound 23.3bn in March. As a result, the overall surplus increased.

In January to March 2024, the euro area recorded a surplus of pound 57.5 bn, compared with pound -9.4 bn in January-March 2023. The euro area exports of goods to the rest of the world fell to
pound 705.0 bn (a decrease of 3.2% compared with January-March 2023), and imports fell to pound 647.5 bn (a decrease of 12.3% compared with January-March 2023). Intra-euro area trade fell to pound 650.8 bn in January-March 2024, down by 8.4% compared with January-March 2023.

The EU balance showed a pound 21.7 bn surplus in trade in goods with the rest of the world in March 2024, compared with a pound 17.4 bn surplus in March 2023.

The extra-EU exports of goods in March 2024 was pound 219.6 billion, down by 9.5% compared with March 2023 (pound 242.6 bn).

Imports from the rest of the world stood at pound 197.9 bn, down by 12.1% compared with March 2023 (pound 225.2 bn).

Source: Emirates News Agency