The Eurozone Posted a €16.8 billion Trade Surplus in December 2023.
London, 15 February 2024
In contrast to a €8.5 billion loss during the same period last year and in contrast to market estimates of a €21.5 billion surplus, the Eurozone reported a €16.8 billion trade surplus in December 2023.
Imports plummeted by 18.7% to €201.9 billion, reaching the lowest level since August 2021, mainly to reduced purchases across all categories, including fuels (-38.3%), crude materials (-19.6%), manufactured products (-12.4%), machinery and transport equipment (-9.8%), and foods (-7.3%).
Imports from China, Russia, Norway, the United Kingdom, and Switzerland were the top exporters among trading partners.
As a result of lower sales of manufactured goods (-9.0%), fuels (-25.4%), crude materials (-11.4%), machinery and transport equipment (-7.6%), and manufactured goods (-9.0%), exports fell by 8.8% to an eight-month low of €218.7 billion. Exports fell mostly to Japan, Norway, Switzerland, and Russia.
Forecast
In December 2023, the Euro Area's trade surplus was recorded at 16809.50 EUR million. By the end of this quarter, the Euro Area's balance of trade is predicted by Trading Economics global macro models and analysts to be 27000.00 EUR million. Their econometric models predict that the Euro Area Balance of Trade will trend around 16000.00 EUR Million in 2025 over the long run. Source: Trading Economics