Down, but better than expected. The commercial surplus of the Eurozone recorded a slight decline in December 2024: 15.5 billion euros, compared to the 16.4 billion euros of the year before. A contraction is therefore confirmed, but less than the 14.4 billion estimated by analysts. But looking at the whole2024, the euro area recorded the surplus went from 57 to 177 billion euros in one year.
According to Eurostat data, the exports of goods from the Eurozone to the rest of the world were equal to 226.5 billion euros, therefore an increase of 3.1% compared to 219.7 billion in December 2023. Imports have grown to A slightly higher rhythm, with an increase of 3.8%, going from 203.3 billion euros to 211.0 billion euros.
There are five product groups that have veered in negative compared to 2023. In particular, the chemical product sector has undergone the most significant drop, from 23 billion to 20.6 billion. Well, however, for the machinery and vehicles sector, with a growing surplus of over 3 billion (from 13 to 16.7 billion euros).
The eurozone, despite the slight drop in December, still closed the year (2024) with a higher commercial surplus than 2023. The annual surplus stood at 176.9 billion euros, against 57, 4 billion euros of the previous year. A result due to the slight increase in exports (+0.6% to 2,864 billion euros) and a more important decrease in imports (- 3.7%). Significant, of the state of health of the euro area, is however the data of trade between member countries. Here the trade recorded a 2.9% decrease in 2023 compared to 2023. This means a slowdown in internal demand, with a reduction in exchanges between countries.
The situation at the European Union level is different. Here in December there was an surplus of 16.3 billion euros, increasing compared to 12.7 billion in November. This increase was mainly towed by the machinery and vehicles sector. In the EU the surplus of the year is 150.1 billion euros, in marked improvement compared to 34.4 billion euros in 2023. Exports to non-EU countries increased by 1.1%, while imports they decreased by 3.5%.
The overall improvement of the annual commercial balance suggests that Europe in 2024 benefited from a resilient foreign demand and a drop in import costs, linked in part to the reduction of energy prices compared to the last few years. In 2025, with American duties and uncertain economic situation, the export seal is even more crucial, to maintain the positive balance.
