Data from the Eurostat showed that in March the trade surplus rose to 24.1 billion euros from 23.6 billion euros in February. Economists had expected the surplus to fall to 19.9 billion euros. Exports of goods fell by 9.2% per annum, to 245.4 billion euros, while imports of goods decreased by 12.0% per annum, to 221.3 billion euros. Meanwhile, intra-euro area trade fell by 12.4% compared to March 2023, to 222.1 billion euros.
According to the report, from January to March, exports of goods fell by 3.2% per annum, to 705.0 billion euros, and imports decreased by 12.3% per annum, to 647.5 billion euros. As a result, the trade surplus amounted to 57.5 billion euros, compared to a deficit of 9.4 billion euros in January to March 2023. Intra-euro area trade fell to 650.8 billion euros in January-March 2024, down by 8.4% compared with January-March 2023.
The data also showed that in January to March, extra-EU exports of goods fell by 3.3% per annum, to 628.8 billion euros, and imports fell by 13.4% per annum, to 580.1 billion euros. As a result, the EU recorded a surplus of 48.7 billion euros, compared with a deficit of 19.2 billion euros in January-March 2023. Intra-EU trade fell to 1 022.2 billion euros in January-March 2024, -6.9% compared with January-March 2023.