Zone euro Balance Commerciale

The Eurozone’s trade surplus narrowed to €9.9 billion in April 2025, down from €13.6 billion a year earlier and below market expectations of €18.2 billion. It also marked a steep drop from March’s all-time high of €37.3 billion, with the decline largely driven by a sharp fall in the chemicals surplus following the implementation of new US tariffs. Total exports fell 1.4% year-on-year to €243 billion, led by significant declines in mineral fuels and lubricants (-25.3%) and machinery and transport equipment (-5.6%). Chemical exports rose 6%, though this marked a stark slowdown from the 50.5% surge seen in March. Export growth to the US also decelerated sharply (3.9% vs. 63.9%), while exports to China and the UK declined by 14.9% and 6.0%, respectively. Meanwhile, imports edged up 0.1% to €233 billion, supported by higher purchases of chemicals (+6.2%) and food and drink (+6.8%), though most other major categories saw notable declines. Imports from the US and China rose at slower pace.