Economic Insights – Update
In 2024, the European Union, comprising 27 member states, recorded a significant commercial surplus of €150.1 billion, a marked improvement from the €34.4 billion surplus in 2023 and a strong recovery from the unprecedented deficit of €436 billion in 2022, which was largely attributed to soaring energy prices.
Overview of the European Union’s Trade Performance
Data from Eurostat indicates the following performance metrics:
In 2024, EU exports to global markets reached €2.58 trillion, reflecting a 1.1% increase compared to the previous year. Conversely, imports declined by 3.5%, totaling €2.43 trillion.
The total trade exchange among EU member countries amounted to €4.02 trillion, marking a decrease of 2.2% from 2023.
Key Trading Partners of the European Union
Analyzing the detailed trade figures from 2023 reveals that the United States emerged as the leading destination for EU exports, receiving commodities worth $503.8 billion, which accounted for 19.7% of the total exports. The United Kingdom followed as the second-largest partner at 13.1%, then China at 8.7%, and Switzerland secured fourth place with 7.4%. This distribution highlights the EU’s diverse network of commercial partnerships.
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