EU posts record €194 billion surplus in services trade

The European Union exported and imported record levels of services in 2024, according to a report from Eurostat.

Specifically, EU countries exported services worth €1 568 billion to countries outside the bloc in 2024, representing an increase of 8 per cent compared with 2023.

Imports of services from non-EU countries reached €1 374 billion in 2024, rising by 7 per cent on the previous year, according to the EU’s statistical office.

The data underline a continuing upward trend in international trade in services following the sharp disruption recorded in 2020 due to the global pandemic.

As a result of stronger exports than imports, the EU’s trade balance in services climbed to €194 billion in 2024.

Eurostat said this was the highest surplus recorded in the past decade, reflecting the growing global competitiveness of EU service providers.

The United States emerged as the EU’s leading partner for extra-EU exports of services, with exports totalling €344 billion.

This accounted for 22 per cent of all services exported by EU countries to destinations outside the bloc.

The United Kingdom ranked second, with EU exports of services amounting to €294 billion, or 19 per cent of total extra-EU exports.

Switzerland followed as the third-largest destination, with €162 billion in services exports, representing 10 per cent of the EU total.

On the import side, the United States was also the EU’s largest partner, accounting for more than a third of services imported from non-EU countries.

Eurostat said services imports from the United States reached €483 billion in 2024, equal to 35 per cent of total extra-EU services imports.

The United Kingdom was the second-largest source of services imports into the EU, with a value of €248 billion, corresponding to 18 per cent of the total.

Switzerland ranked third for services imports, with €99 billion, or 7 per cent of all services brought into the EU from outside the bloc.