The euro area experienced a notable rise in its trade surplus in June 2024, even as both exports and imports saw declines. The region recorded a trade surplus of €22.3 billion in goods with the rest of the world, up from €18.0 billion in June 2023.

Despite the drop in the overall value of exports and imports, exports fell at a slower pace, decreasing by 6.3% to €236.7 billion in June. In comparison, imports experienced a more significant decline, falling 8.6% year-on-year to €214.3 billion.

This trade surplus was primarily driven by strong performance in sectors such as chemicals, machinery, and vehicles. However, the energy sector continued to show the largest deficit, with a gap of 22.9%.

For the first half of 2024, the euro area recorded a cumulative surplus of €107.5 billion, a significant turnaround from a deficit of €3.0 billion during the same period in the previous year.

A rising trade surplus typically signals strong global demand for a region’s goods, which can contribute to economic growth and employment.