In the past five years, car production and exports have declined in countries within the European Union

Tuesday, Apr 15, 2025

Il Sole 24 Ore

EU car market slows in 2024; exports and imports decline, despite a trade surplus.

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[This is an automatically generated summary, for reference only]

The automotive market is slowing down, with both exports and imports declining in 2024 for the European Union and Italy, according to an Eurostat report. The EU exported 5.4 million cars and imported 4 million, representing a 13.2% decrease in exports and a 3.0% decrease in imports compared to 2019. In terms of value, car exports reached 165.2 billion euros, while imports were 75.9 billion euros, resulting in a commercial surplus of 89.3 billion euros. Major export destinations include the United States and the United Kingdom. The EU saw a significant increase in auto exports to Turkey but a decrease in exports to China. For imports, China is the top supplier by economic volume, followed by Japan, with the EU experiencing a substantial rise in car imports from China. Conversely, imports from the UK have seen the largest decline. An industry representative noted that the European market has shrunk by 18.4% between 2019 and 2024, while production fell by 20%, putting pressure on the domestic market.

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