EU Car Exports Reach 5.4 Million Units in 2024, Generating €165.2 Billion Revenue
In 2024, the EU exported 5.4 million cars valued at €165.2 billion, resulting in a trade surplus of €89.3 billion. Both exports and imports increased in value despite a decrease in volume compared to 2019. The US and UK were the main markets for EU exports, while China and Japan were key suppliers for imports.
In 2024, the European Union reported an impressive export of 5.4 million cars, yielding a substantial revenue of €165.2 billion while also recording a trade surplus of €89.3 billion. This data comes from the European Statistics Office (Eurostat) and indicates a stark contrast between the number of exports and imports, with around 4 million vehicles imported into the EU during the same period.
When compared to 2019, the number of cars exported decreased by 13.2%, even as the overall value of both exports and imports rose. Specifically, car imports increased by 17.7%, while exports went up by 20%. This discrepancy between quantity and value reflects a notable increase in car prices from 2019 to 2024.
The United States and the United Kingdom stood out as the primary destinations for EU car exports, with values reaching €38.9 billion and €34.3 billion respectively. Other significant markets included China at €14.5 billion, Turkey at €12 billion, and Switzerland at €8.5 billion.
Between 2019 and 2024, Turkey experienced the most substantial growth in car exports from the EU, with a staggering 364.1% increase. Conversely, exports to China saw a decline of 22.3%. Regarding car imports, China and Japan emerged as the largest suppliers at €12.7 billion and €12.3 billion, while the UK, Turkey, and the United States followed closely behind.
The time frame from 2019 to 2024 illustrated a remarkable 1591.3% rise in car imports from China. In contrast, the United Kingdom’s contribution to EU car imports saw a decline of 17.1%.
In conclusion, the European Union’s automotive trade in 2024 showcased significant financial gains despite a decrease in the number of cars exported compared to 2019. With substantial trade surpluses and shifting export dynamics, particularly towards the United States and Turkey, the EU’s market is experiencing changes driven by rising vehicle prices and evolving trade relationships. This shift in trade flows highlights the changing landscape of the automotive industry on a global scale.
Original Source: www.jordannews.jo
