EU’s automotive trade surplus hits €89.3 billion in 2024, with exports to the US and UK soaring, while imports from China and Japan surge
In 2024, the European Union’s automotive industry achieved a robust trade surplus of €89.3 billion, driven by exports worth €165.2 billion.
Despite a 13.2% drop in car exports since 2019, rising vehicle prices have buoyed EU’s revenues.
While export volumes decreased, their value soared, largely thanks to the booming demand from the United States and the United Kingdom, with exports to these regions rising sharply.
The US alone accounted for €38.9 billion of the total, followed by the UK at €34.3 billion.
Conversely, the EU’s imports grew by 20%, with China and Japan becoming its primary suppliers. Imports from China, in particular, skyrocketed by a staggering 1,591%, reflecting the shifting tides of global automotive trade.
Despite a decline in the number of cars crossing borders, the market’s overall value underscores the growing influence of price hikes and international shifts.