The EU has recorded a goods trade surplus for 4 quarters in a row. However, Eurostat data shows imports of non-EU goods into the EU has been rising since Q1 2023.
The EU’s trade surplus for goods stood at €40.4 billion in the second quarter of 2024, down from €55.3 billion in the previous quarter, according to the latest figures published by Eurostat.
This marks the fourth consecutive quarter of surplus after a series of deficits that lasted from the fourth quarter of 2021 to the second quarter of 2023, mainly driven by significant energy deficits that offset gains in other product categories.
In Q2 2024, surpluses in machinery and vehicles (€56.9 billion), chemicals (€59.3 billion), food and drink (€13.9 billion), other manufactured goods (€1.8 billion), and other goods (€3.2 billion) outweighed the deficits in energy (-€88.4 billion) and raw materials (-€6.3 billion).
During the same quarter, goods imports from non-EU countries to the EU increased by 3.4% compared to the previous quarter, while exports saw a modest rise of 0.7%. This marks the end of a six-quarter decline in imports, while exports continued to grow for the third consecutive quarter.
Meanwhile, EU member state Poland has said it is now ranked 22nd in the world in terms of exports of goods, moving up ten positions compared to 2001.
The Polish Government’s official website for export, trade and investment says that between 2001 and 2023, Poland’s share in global exports increased by 0.95 percentage points, which allowed it to reach 1.52% in 2023 – the highest since records began.
“Poland’s share of exports to Germany’s increased significantly [since Poland’s EU accession in 2024], from 2.6% in 2004 to 5.7% in 2023, reflecting Polish’s growing role as a key supplier to the German market. Similar trends can be observed in trade with France, where Poland’s share in exports increased from 1.3% to 2.8% in the same period, and with the Netherlands, where this share increased from 1.3% to 2.5%,” says trade.gov.pl.
Within the same time period, Poland’s share in exports to China also increased from 0.3% in 2004 to 1.1% in 2023.
