EU Achieves €165.2 Billion in Car Exports, Faces Changing Market Dynamics
In 2024, the EU exported 5.4 million cars, earning €165.2 billion with a trade surplus of €89.3 billion. Despite a decrease in the number of vehicles exported and imported since 2019, the total monetary values increased. The U.S. and U.K. were the top export markets, while China and Japan led in imports.
According to data from Eurostat, the European Union exported 5.4 million cars in 2024, achieving a total earnings of €165.2 billion. The car trade surplus for the EU was reported at €89.3 billion, derived from exporting 5.4 million vehicles while importing 4 million, with import values reaching €75.9 billion.
Compared to 2019 figures, car exports saw a decrease of 13.2% in volume, while import volumes dropped by 3%. In contrast, the financial values of both exports and imports increased significantly with imports rising by 17.7% and exports by 20%. This trend indicates a significant rise in car prices from 2019 to 2024.
The primary markets for EU car exports in 2024 included the United States and the United Kingdom, with values of €38.9 billion and €34.3 billion, respectively. Other notable destinations included China (€14.5 billion), Turkey (€12 billion), and Switzerland (€8.5 billion).
Between 2019 and 2024, Turkey experienced an extraordinary increase of 364.1% in car exports from the EU, while car exports to China experienced a 22.3% reduction during the same period.
In terms of imports, China and Japan were the largest suppliers to the EU, valued at €12.7 billion and €12.3 billion, respectively, followed by the UK at €11 billion, Turkey at €9.1 billion, and the United States at €8.4 billion. The EU noted a dramatic 1591.3% increase in car imports from China and a corresponding decline of 17.1% in imports from the United Kingdom from 2019 to 2024.
The EU’s car export sector demonstrated a robust performance in 2024, with significant earnings and a healthy trade surplus. Although the volume of cars exported and imported decreased from 2019, the overall value highlighted rising prices in the automotive sector. Furthermore, fluctuations in trade with specific countries indicate shifting dynamics in global automotive trade.
Original Source: www.jordannews.jo
