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The EU balance for trade in goods was €40.4 billion in the second quarter of 2024, down from €55.3 billion in the previous quarter. As such, the trade balance has now shown a surplus for 4 quarters in a row, following a period of deficits from the fourth quarter of 2021 to the second quarter of 2023, primarily due to a high deficit for energy offsetting surpluses in other product categories.
In the second quarter of 2024, the surpluses recorded in machinery and vehicles (€56.9 billion), chemicals and related materials (€59.3bn), food and drink (€13.9bn), other manufactured goods (€1.8bn) and other goods (€3.2bn) outweighed the deficits in energy (-€88.4bn) and raw materials (-€6.3bn).
In the second quarter of 2024, imports of goods from non-EU countries to the EU increased by 3.4% compared with the previous quarter, while exports were almost steady, rising 0.7%. Imports grew after having declined for six consecutive quarters, while export levels continued to go up for the third quarter in a row.
Methodological notes
Products are defined according to the fourth revision of the standard international trade classification (SITC). The main categories are:
• food, drinks and tobacco (Sections 0 and 1 – including live animals);
• raw materials (Sections 2 and 4);
• energy products (Section 3);
• chemicals and related products (Section 5 – including pharmaceuticals and plastics);
• machinery and transport equipment (Section 7);
• other manufactured goods (Sections 6 and 8);
• other goods (Section 9).
EU REPORT