EU Automotive Export Report 2024: Key Insights and Trends

In 2024, the EU exported 5.4 million cars worth €165.2 billion, achieving a trade surplus of €89.3 billion over 4 million imports. Trade values increased despite declines in export and import volumes since 2019, with significant growth seen in Turkish markets and stark declines in exports to China.

According to Eurostat data released on Tuesday, the European Union exported 5.4 million cars in 2024, generating €165.2 billion in revenue. The EU also imported approximately 4 million vehicles, leading to a significant trade surplus of €89.3 billion, as reported by CNN.

While the total number of cars exported decreased by 13.2% when compared to 2019, and imports dropped by 3%, the trade values exhibited an upward trend. Exports witnessed a notable 20% increase, and imports rose by 17.7%, indicating rising prices in the automotive industry from 2019 to 2024.

In 2024, the primary markets for EU car exports were the United States and the United Kingdom, with values of €38.9 billion and €34.3 billion, respectively. Other significant destinations included China (€14.5 billion), Turkey (€12 billion), and Switzerland (€8.5 billion).

Between 2019 and 2024, exports to Turkey surged dramatically by 364.1%, whereas exports to China experienced a decline of 22.3%. Notably, when it comes to imports into the EU, China and Japan emerged as the most significant suppliers, valued at €12.7 billion and €12.3 billion, respectively.

The EU reported substantial growth in car imports from China, skyrocketing by 1591.3%, while imports from the United Kingdom declined by 17.1%.

The European Union’s automotive trade in 2024 showed a significant surplus, with car exports generating substantial revenue despite a decrease in the number of vehicles compared to previous years. The market dynamics revealed notable increases in trade values versus volumes, indicating elevated prices. Furthermore, emerging markets like Turkey showed remarkable growth in imports, while traditional suppliers like the UK experienced declines.

Original Source: www.jordannews.jo