Euro area trade balance runs $70.7B surplus in 2023

By Tuba Ongun

ANKARA (AA) – The eurozone trade balance posted a €65.9 billion ($70.7 billion) surplus in 2023, according to official data released on Thursday.

The figure shifted from a €332.2 billion deficit in the prior year, Eurostat data showed.

Euro area exports of goods to the rest of the world dropped 1.2% year-on-year to €2.84 trillion in 2023, while imports plunged 13.5% to €2.77 billion.

Intra-euro area trade amounted to €2.63 trillion last year, a decline of 5.4% from a year earlier.

The EU27 ran a trade surplus of €40.8 billion in 2023, compared to a deficit of €434.6 billion in 2022.

The US was the top market for EU exporters with €502.1 billion, posting an annual decrease of 1.4%.

The EU's other major export markets were the UK (€334.7 billion), China (€223.5 billion), Switzerland (€188.5 billion), and Türkiye (€111.3 billion).

On the other side, China was the main source of imports, with €514.4 billion, falling 18% compared to a year ago.

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

- Monthly data

In December, the eurozone's overseas shipments amounted to €218.7 billion, while its imports were €201.9 billion.

As a result, the single-currency zone recorded a surplus of €16.8 billion in December.