Euro Area’s Export of Goods Reach $262.8 Billion in May

The euro area’s exports of goods to the rest of the world in May this year were worth around $262.8 billion, a decrease of 0.5% year-o-y, according to Eurostat, the statistical office of the European Union, said.

Likewise, imports from the rest of the world to the zone stood at $247.71 billion, a fall of 6.4% y-o-y, data from the Eurostat showed.

According to the data, the first estimates of euro area balance showed a surplus of $15.13 billion in trade in goods with the rest of the world in May compared with a deficit of $476.05 million in the same month last year.

In May, the euro area surplus decreased by $330 million month-on-month (MoM) from $15.54 billion to $15.21 billion. This was due to a decrease of surplus for machineries and vehicles (minus 1.86 billion) and chemicals (minus $1.42 billion) partially offset by an increase in other manufactured goods $2.84 billion, Eurostat said.

In the first five months this year, the euro area recorded a surplus of $92.91 billion, compared with minus $22.98 billion in the corresponding period last year. The euro area exports of goods to the rest of the world during the period rose to $1307.22 billion, an increase of 0.5% y-o-y, and imports fell to $1214.42 billion, a y-o-y decrease of 8.3%. Intra-euro area trade fell to $1193.51 billion in January-May 2024—down by 5.2% y-o-y, the data showed.

Surplus Trade

The European Union (EU) balance showed a $10.57 billion surplus in trade in goods with the rest of the world in May 2024, compared with a deficit of $2.85 billion in May last year.

Extra-EU exports of goods in May this year were worth $235.78 billion, down by 0.6% y-o-y. Imports from the rest of the world to the bloc stood at $225 billion, down by 6.2% y-o-y, the data said.

Between January and May this year, extra-EU exports of goods rose to $1169.66 billion, an increase of 0.7% y-o-y, and imports fell to $1088.56 billion—a decrease of 9.3% y-o-y. As a result, the EU recorded a surplus of $81.2 billion, compared with a deficit of $39.4 billion during the corresponding period last year. Intra-EU trade fell to $1868.19 billion in the five months, a drop of 4.2% y-o-y, Eurostat added.

Meanwhile, EU retail trade remained relatively stable in May 2024, following a decline in the previous month. Despite month-on-month fluctuations, the retail trade sector still had modest year-on-year growth in May 2024.