EU’s Car Export Performance in 2024: Key Insights and Trends

In 2024, the EU exported 5.4 million cars, generating €165.2 billion, while imports reached €75.9 billion, resulting in a trade surplus of €89.3 billion. The number of cars exported fell by 13.2% since 2019, but trade values increased significantly. The US and UK were the top recipients of EU car exports, while China and Japan led in imports to the EU.

Data from the European Statistics Office (Eurostat) indicates that the European Union exported 5.4 million cars in 2024, resulting in substantial earnings of €165.2 billion. In contrast, the EU imported approximately 4 million vehicles, with total import values reaching €75.9 billion. This trade dynamic contributed to a notable surplus of €89.3 billion in the car trade sector.

Despite a decrease of 13.2% in the number of exported cars compared to 2019, the overall trade values experienced an uptrend. The value of imports rose by 17.7% while exports increased by 20%. This juxtaposition suggests a significant rise in vehicle prices from 2019 to 2024 despite reduced volumes.

The primary markets for EU car exports in 2024 were the United States and the United Kingdom, with export values at €38.9 billion and €34.3 billion, respectively. China, Turkey, and Switzerland followed as significant importers, with values at €14.5 billion, €12 billion, and €8.5 billion, respectively.

Between 2019 and 2024, Turkey saw the most remarkable growth in car exports from the EU, surging by 364.1%. In contrast, exports to China declined by 22.3%. Concerning imports, China and Japan emerged as the leading suppliers to the EU, with values of €12.7 billion and €12.3 billion. The UK, Turkey, and the United States followed in magnitude.

Moreover, from 2019 to 2024, the EU experienced a staggering increase of 1591.3% in car imports from China, while imports from the United Kingdom declined by 17.1%. This data highlights shifting trade dynamics within the automotive sector.

In summary, the EU car trade in 2024 showcased significant export volumes and values, resulting in a substantial surplus. Although the number of cars exported decreased since 2019, the rising values indicate increased prices in the market. The trade relationships with countries such as the United States, the UK, and China continue to evolve, reflecting the changing landscape of the automotive industry.

Original Source: www.jordannews.jo