The EU also experienced a strong improvement in its trade balance, recording a surplus of 22.1 billion euros in February 2024 compared to just 2.0 billion euros in the same period last year. EU exports increased slightly to 210.6 billion euros, up 0.7% compared to February 2023, while imports fell significantly more than 9%, to 188.5 billion euros.
In February 2024, the euro area recorded a significant trade surplus of 23.6 billion euros, up sharply from 3.6 billion euros in 2023, as exports increased slightly and imports fell. The EU also saw its surplus grow significantly to 22.1 billion euros. In two months, both regions showed an improved trade balance with a significant decrease in imports.
In the first two months of 2024, the euro area's cumulative trade surplus was 35.2 billion euros, a reversal from the deficit of 28.4 billion euros seen in the same period in 2023. Exports of the euro area increased to 460.7 billion euros, an increase of 0.6%. , while imports dropped sharply by 12.5% to 425.5 billion euros. According to Eurostat, trade within the euro area also decreased by 6.2% to 428.9 billion euros.
During the same period, the EU turned its trade around, reaching a surplus of 28.4 billion euros compared to a deficit of 36.6 billion euros between January and February 2023. Exports of the EU increased modestly to 409.8 billion euros and imports decreased sharply by 14.2% to 2023. 381.4 billion euros.
Looking at seasonally adjusted (MoM) data from the previous month, the euro area saw exports fall slightly by 0.2% while imports increased by 4.2%, leading to a seasonally adjusted trade balance is 17.9 billion euros in February 2024, down from 27.1 billion euros in January. The EU also reported changes in seasonally adjusted figures, with exports up 0.5% and imports up 5.4%, leading to a trade balance of 14.8 billion euros, down from 24. 1 billion euros last month.
Over the past three months, seasonally adjusted data showed euro zone exports rose 0.4% while imports fell 3.0%. The EU also saw a similar trend, with exports increasing slightly by 0.3% and imports also decreasing by 3.0% compared to the period from September to November 2023.
Fiber2 Fashion News Desk (DP)
