EU Car Exports in 2024: A Comprehensive Trade Overview

In 2024, the EU exported 5.4 million cars worth €165.2 billion, achieving a trade surplus of €89.3 billion. The volume of cars exported decreased by 13.2% since 2019, while values increased. The top export markets included the US, UK, and China. China also led in imports to the EU, with a staggering 1591.3% growth since 2019.

In 2024, the European Union exported 5.4 million cars, generating €165.2 billion in revenue and marking a substantial trade surplus of €89.3 billion. The figures were released by Eurostat, illustrating a rise in car trade despite a decrease in the number of cars exported and imported compared to 2019 statistics.

The EU’s car imports totaled approximately 4 million vehicles in the same year, leading to a counterbalanced trade environment. Although the quantity of cars exported dropped by 13.2% from 2019, the monetary value of exports increased by 20%. Imports, on the other hand, also saw a rise in value, increasing by 17.7%.

Significant destinations for EU car exports in 2024 included the United States, valued at €38.9 billion, and the United Kingdom at €34.3 billion. Following were China at €14.5 billion, Turkey at €12 billion, and Switzerland at €8.5 billion. Notably, car exports to Turkey surged by 364.1%, while exports to China experienced a notable decline of 22.3%.

On the import side, China and Japan were the primary suppliers to the EU, valued at €12.7 billion and €12.3 billion, respectively. The United Kingdom held the third position with an import value of €11 billion, succeeded by Turkey at €9.1 billion and the United States at €8.4 billion. Imports from China saw an extraordinary rise of 1591.3%, contrasting sharply with the United Kingdom’s decline of 17.1% in the same timeframe.

In summary, the European Union’s automotive trade in 2024 displayed a complex landscape of substantial trade surplus despite decreases in volume compared to previous years. The rise in trade values underscores significant price increases. The expansion of exports to Turkey and the dramatic surge in imports from China exemplify shifting market dynamics and trade relationships.

Original Source: www.jordannews.jo