Eurozone trade surplus hits record high before tariff deadline, exports to US surge 60%

(Sharecast News) - The eurozone trade surplus surged to its highest-ever level in March, as American buyers frontloaded imports from the single-currency region in anticipation of April's introduction of tariffs. The eurozone's trade balance widened to €36.8bn in March, up from €24.8bn in February and the €22.8bn surplus recorded in March 2024, according to Eurostat.

This was well ahead of the consensus estimate of €17.5bn.

Eurostat said the increase was primarily due to a €42.8bn surplus of chemicals and related products group, which came in €19.6bn ahead of the same time last year. Machineries and vehicles also contributed positively, with an increase of €1.3bn with respect to March 2024.

The eurozone exported €279.8bn of goods to the rest of the world during the month, up 13.6% on the year before, with exports to the US in particular soaring 59.5% to €71.4bn. Exports to the UK, its second-largest export market, rose 4.8% to €30.8bn, while exports to China dropped 10.1% to €17.9bn,.

The value of goods imported into the region rose 8.8% to €243.0bn, with imports from the US rising 9.4% to €30.7bn. Imports from China surged 15.8% to €48.6bn, while imports from the UK rose 5.4% to €14.7bn and imports from Switzerland jumped 18.2% to €12.4bn.