EU Achieves €89.3 Billion Trade Surplus in Automobile Exports for 2024

In 2024, the European Union exported 5.4 million cars, achieving €165.2 billion in car exports and a trade surplus of €89.3 billion. The US and UK were the largest markets for EU car exports, while China and Japan were the top suppliers for imports. Comparatively, car exports decreased by 13.2%, but trade values increased, indicating higher vehicle prices from 2019 to 2024.

In 2024, the European Union reported significant developments in automobile trade, achieving a surplus of €89.3 billion as it exported 5.4 million cars. This represents a substantial value of €165.2 billion in exports against €75.9 billion in imports, with the EU importing about 4 million vehicles during the same period, as per Eurostat data.

Despite the decrease of 13.2% in exported car numbers compared to 2019, the trade values reflect a contrasting trend: imports rose by 17.7% and exports increased by 20%, indicating that vehicle prices have generally increased from 2019 to 2024. The total trade dynamics underscore the complexities of the international automobile market.

The United States and the United Kingdom were the primary destinations for EU car exports in 2024, valued at €38.9 billion and €34.3 billion, respectively. Other notable markets included China, Turkey, and Switzerland, with values of €14.5 billion, €12 billion, and €8.5 billion.

From 2019 to 2024, Turkey displayed a remarkable growth in car exports from the EU, with an increase of 364.1%, while exports to China decreased by 22.3%. These trends reveal the shifting focus and relationships within global trade.

China and Japan emerged as the leading suppliers of car imports into the EU, contributing €12.7 billion and €12.3 billion, respectively. The UK, Turkey, and the United States followed with import values of €11 billion, €9.1 billion, and €8.4 billion.

The period from 2019 to 2024 saw a dramatic increase in imports from China, which surged by 1591.3%, while imports from the UK experienced a decline of 17.1%. These statistics highlight the evolving trade landscape for the EU in the global automotive sector.

The EU’s automotive trade in 2024 demonstrates a complex landscape characterized by a trade surplus, significant shifts in trade destinations, and fluctuating import and export values. Overall, while the volume of cars traded has seen a decrease since 2019, the monetary values have increased, reflecting a rise in vehicle pricing and changing dynamics in global trade relationships.

Original Source: www.jordannews.jo