EU car trade surplus reaches €89.3 billion in 2024 despite fewer vehicles traded

In 2024, the European Union exported 5.4 million cars and imported 4.0 million. While the number of vehicles traded decreased compared to 2019—exports fell by 13.2% and imports by 3.0%—the overall value of car trade rose significantly. The EU exported €165.2 billion worth of cars and imported €75.9 billion, resulting in a trade surplus of €89.3 billion.

The rise in trade values, despite a decline in volumes, reflects a general increase in car prices over the five-year period. Compared to 2019, the value of car exports increased by 17.7% (€24.8 billion), and imports rose by 20.0% (€12.7 billion).

The United States and the United Kingdom were the EU’s largest export markets for cars in 2024, accounting for €38.9 billion and €34.3 billion, respectively. China ranked third with €14.5 billion, followed by Türkiye (€12.0 billion) and Switzerland (€8.5 billion). Among these, Türkiye saw the largest growth in exports from the EU between 2019 and 2024, with an increase of 364.1%. In contrast, exports to China declined by 22.3% over the same period.

On the import side, China and Japan were the main sources of cars entering the EU, with values of €12.7 billion and €12.3 billion, respectively. The United Kingdom supplied €11.0 billion worth of cars, followed by Türkiye (€9.1 billion) and the United States (€8.4 billion). The sharpest increase in imports came from China, where the value of cars sent to the EU surged by 1591.3% since 2019. Meanwhile, imports from the UK dropped by 17.1%.

These figures highlight ongoing shifts in global car trade dynamics, with rising values driven by price increases and changing trade patterns among key partners.

Source: Eurostat