Economy Overview – Update
In 2024, the European Union, comprising 27 member states, achieved a commercial surplus of €150.1 billion with the global market. This marks a significant recovery from a deficit of €436 billion recorded in 2022, which was primarily driven by soaring energy prices. The surplus is a notable increase from the €34.4 billion recorded in 2023.
According to data from the European Statistical Office, Eurostat:
European Union exports to global markets reached €2.58 trillion in 2024, reflecting a 1.1% rise from the previous year. Conversely, imports decreased by 3.5% to €2.43 trillion, illustrating a shift in trade dynamics.
Total trade among European Union member states amounted to €4.02 trillion, which indicates a decline of 2.2% when compared to 2023.
The European Union’s Key Trade Partners
The United States emerged as the leading destination for European Union exports in 2023, with shipments valued at $503.8 billion, accounting for 19.7% of total exports. The United Kingdom followed as the second-largest export destination at 13.1%, while China and Switzerland ranked third and fourth with 8.7% and 7.4%, respectively. This distribution highlights the European Union’s diverse commercial partnerships.
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