EU Automobile Trade Surplus Reaches €89.3 Billion in 2024

In 2024, the EU exported 5.4 million cars, achieving €165.2 billion in export value and a trade surplus of €89.3 billion. Despite a 13.2% decrease in quantities since 2019, the value of both imports and exports increased. The top export destinations were the U.S. and U.K., while China and Japan were the main import sources.

In 2024, the European Union (EU) reported a significant trading surplus of €89.3 billion in the automobile sector, exporting a total of 5.4 million cars, as detailed by Eurostat. During the same year, the EU imported approximately 4 million vehicles, with the value of exports reaching €165.2 billion and imports amounting to €75.9 billion, emphasizing the strength of the EU’s automotive sector.

While the total number of cars exported decreased by 13.2% compared to 2019, the relative value of both exports and imports increased substantially. Specifically, the value of imports rose by 17.7%, and exports saw a notable increase of 20%. This disparity highlights a trend of rising automobile prices from 2019 to 2024, despite a decline in quantities.

The primary markets for EU car exports in 2024 were the United States and the United Kingdom, with export values of €38.9 billion and €34.3 billion, respectively. Other significant markets included China (€14.5 billion), Turkey (€12 billion), and Switzerland (€8.5 billion). Notably, car exports to Turkey surged by 364.1% from 2019 to 2024, while exports to China decreased by 22.3%.

In terms of imports, China and Japan emerged as the leading suppliers to the EU, valued at €12.7 billion and €12.3 billion, respectively. The United Kingdom followed with €11 billion in imports, and Turkey and the United States contributed €9.1 billion and €8.4 billion, respectively. Moreover, from 2019 to 2024, imports from China skyrocketed by 1591.3%, contrasting sharply with the 17.1% decline in imports from the United Kingdom.

The EU’s automobile trade in 2024 illustrates a robust surplus alongside increased values of both exports and imports, despite a decrease in overall vehicle numbers. The notable growth in exports to Turkey and imports from China underscores shifting dynamics within the global automotive market. These trends suggest a pronounced rise in vehicle prices affecting overall trade figures, while traditional markets like the U.S. and U.K. continue to be significant for EU exports.

Original Source: www.jordannews.jo