EU Car Exports Reach 5.4 Million in 2024, Generating €165.2 Billion Revenue
In 2024, the EU exported 5.4 million cars valued at €165.2 billion, achieving a trade surplus of €89.3 billion. Major export markets included the U.S. and U.K., while imports predominantly came from China and Japan. Compared to 2019, car quantities have decreased, yet the value of both exports and imports has risen.
Data from the European Statistics Office (Eurostat) indicates that the European Union (EU) exported 5.4 million cars in 2024, resulting in a significant trade surplus of €89.3 billion. The value of these exports reached €165.2 billion, compared to €75.9 billion in imports, as the EU imported around 4 million vehicles during the same period.
When compared to 2019, car exports have decreased by 13.2%, while the value of imports has dropped by 3%. Notably, both export and import values have risen, with imports climbing by 17.7% and exports increasing by 20%. This scenario illustrates the rising prices of vehicles from 2019 to 2024 despite the drop in quantity.
In 2024, the primary destinations for EU car exports included the United States, receiving €38.9 billion, and the United Kingdom, which accounted for €34.3 billion. China, Turkey, and Switzerland followed with €14.5 billion, €12 billion, and €8.5 billion, respectively. Noteworthy is Turkey’s remarkable increase in imports from the EU, up 364.1%, while exports to China saw a substantial decrease of 22.3%.
As for car imports, China and Japan were the major suppliers to the EU, valued at €12.7 billion and €12.3 billion respectively. The United Kingdom ranked third, contributing €11 billion, while Turkey and the United States provided €9.1 billion and €8.4 billion. Over the period from 2019 to 2024, imports from China surged by an extraordinary 1591.3%, whereas imports from the United Kingdom experienced a decline of 17.1%.
In summary, the EU experienced a robust car export performance in 2024, achieving a trade surplus due to high export values despite a decrease in quantities. The significant increases in export values to primary markets such as the U.S. and U.K. reflect changing market dynamics, while notable fluctuations in import values highlight the evolving landscape of the automotive trade.
Original Source: www.jordannews.jo
