Euro area trade balance runs $26.2B surplus in March

By Tuba Ongun

ANKARA (AA) – The eurozone trade balance posted a €24.1 billion ($26.2 billion) surplus in March, according to official data released on Tuesday.

The figure improved from a €19.1 billion deficit last year, Eurostat data showed.

Euro area exports of goods to the rest of the world fell 9.2% at an annualized pace to €245.4 billion this March, while imports decreased 12% to €221.3 billion.

The EU27 ran a trade surplus of €21.7 billion in March, compared to a €17.4 billion surplus in March 2023.

The US was the top recipient of EU exports with €44.7 billion, marking a 5.6% annual decline.

The EU's other major export markets were the UK (€29 billion), China (€19.8 billion), Switzerland (€16.8 billion), and Türkiye (€10 billion).

On the other side, China was the main source of imports, with €41.2 billion, falling 4.5% compared to the prior year.

It was followed by the US, the UK, Switzerland, Norway, and Türkiye.

- Quarterly data

In January-March, the eurozone's overseas shipments went down by 3.2% year-on-year to €705 billion, while its imports dove 12.3% to €647.5billion.

As a result, the single-currency zone recorded a surplus of €57.5 billion in the first quarter of this year, switching from a €9.4 billion deficit last year.