Data from the Eurostat showed that in May the trade surplus decreased to 13.9 billion euros from 14.2 billion euros in April. This was due to a decrease of surplus for machinery and vehicles (-1.7 billion euros) and chemicals (-1.3 billion euros) partially offset by an increase in other manufactured goods (+2.6 billion euros). Economists had expected the surplus to rise to 18.0 billion euros. Exports of goods fell by 0.5% per annum, to 241.5 billion euros, while imports of goods decreased by 6.4% per annum, to 227.6 billion euros.
According to the report, from January to May, exports of goods increased by 0.5% per annum, to 1194.5 billion euros, and imports decreased by 8.3% per annum, to 1109.7 billion euros. As a result, the trade surplus amounted to 84.9 billion euros, compared to a deficit of 21.0 billion euros in January to May 2023. Intra-euro area trade fell to 1090.6 billion euros in January-May 2024, down by 5.2% compared with January-May 2023.
The data also showed that in January to May, extra-EU exports of goods rose by 0.7% per annum, to 1068.8 billion euros, and imports fell by 9.3% per annum, to 994.7 billion euros. As a result, the EU recorded a surplus of 74.2 billion euros, compared with a deficit of 36.0 billion euros in January-May 2023. Intra-EU trade fell to 1707.1 billion euros in January-May 2024, -4.2% compared with January-May 2023.