EU posts €40.4 billion trade surplus in second quarter

The European Union (EU) recorded a trade surplus of €40.4 billion in the second quarter of 2024, reflecting a decline from the €55.3 billion recorded in the first quarter of the year, Report informs via Cyprus Mail.

According to a report released by Eurostat, the EU trade balance has recorded a surplus for four consecutive quarters.

This follows a period of deficits that lasted from the fourth quarter of 2021 until the second quarter of 2023.

This earlier deficit was largely due to a substantial shortfall in energy trade, which offset surpluses in other product categories.

In particular, during the second quarter of 2024, surpluses were recorded in machinery and vehicles (€56.9 billion), chemicals and related materials (€59.3 billion), food and beverages (€13.9 billion), other manufactured products (€1.8 billion), and other goods (€3.2 billion).

These surpluses collectively outweighed the deficits in energy (€-88.4 billion) and raw materials (€-6.3 billion).

Meanwhile, imports of goods from non-EU countries increased by 3.4 per cent compared to the previous quarter, while exports remained almost stable, rising by 0.7 per cent.

This rise in imports follows six consecutive quarters of decline, while the increase in exports marks the third consecutive quarter of growth.