In 2024, the EU exported 5.4 million cars valued at €165.2 billion, leading to a trade surplus of €89.3 billion. Although the number of cars exported decreased from 2019, the trade values increased, reflecting rising car prices. The U.S. and U.K. were major export markets, while China and Japan dominated car imports.
The European Union’s car export trade achieved a remarkable feat in 2024, with a total of 5.4 million vehicles exported, generating revenues of €165.2 billion. Concurrently, the EU imported approximately 4 million vehicles, leading to a significant trade surplus of €89.3 billion, as reported by the European Statistics Office (Eurostat).
In comparison to 2019 figures, the quantity of exported vehicles decreased by 13.2%, alongside a 3% decline in imported car numbers. Despite this decline, the overall values of both exports and imports experienced growth, with imports increasing by 17.7% and exports by 20%, indicative of rising car prices between the years 2019 and 2024.
The primary markets for EU car exports in 2024 included the United States, which accounted for €38.9 billion, and the United Kingdom, contributing €34.3 billion. Additional major export destinations were China at €14.5 billion, Turkey at €12 billion, and Switzerland at €8.5 billion. Notably, car exports to Turkey surged by 364.1%, while exports to China saw a decline of 22.3% during this period.
In terms of imports, China and Japan emerged as the leading suppliers to the EU, with car imports valued at €12.7 billion and €12.3 billion, respectively. The UK followed closely with €11 billion, while Turkey and the United States contributed €9.1 billion and €8.4 billion respectively. Import values from China increased dramatically by 1591.3%, while those from the United Kingdom experienced a decrease of 17.1% from 2019 to 2024.
The data from the European Statistics Office highlights the robust performance of the EU car export market in 2024, characterized by a surplus and significant value increases despite a decrease in quantity exported. The trends observed between 2019 and 2024 further illustrate shifts in trade dynamics, underscoring the EU’s reliance on both traditional and emerging markets for car exports and imports.
Original Source: www.jordannews.jo
