Euro Area Trade Surplus Strengthens
A remarkable turnaround was observed in the Euro area’s international trade, with a surplus of €11.4 billion in January 2024 compared to the €32.6 billion deficit in January 2023. Exports saw a modest increase of 1.3%, while imports declined by a substantial 16.1%. The surplus was largely driven by the chemical sector, followed by machinery and vehicles, despite a deficit in the energy sector.
EU Trade Performance
Mirroring the Euro area, the European Union also displayed a healthy trade surplus of €6.2 billion in January 2024, a sharp contrast to the €38.6 billion deficit a year earlier. While exports remained stable, imports decreased by 18.9%, contributing to the surplus. The trade performance in both the Euro area and the EU suggests a robust recovery and resilience in the face of global economic challenges.