EU trade surplus with US grows in April despite tariffs
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Workers inspect cars newly manufactured from a nearby plant before being loaded on a cargo ship at a port, in East London, in the Eastern Cape province, South Africa, March 19, 2023. REUTERS/Siphiwe Sibeko/File Photo
BRUSSELS (Reuters) -The European Union's goods trade surplus with the United States expanded in April even after U.S. tariffs, data released on Friday showed, while the bloc's exports to China dropped for a ninth consecutive month.
The EU's surplus in goods trade as a whole declined to 7.4 billion euros ($8.5 billion) from 12.7 billion euros in April 2024, data from EU statistics agency Eurostat showed.
The EU goods surplus with the United States increased, as it has done every month since January 2024.
Both exports to and imports from the United States increased for a fourth consecutive month in April, although the growth was lower than in previous months.
U.S. President Donald Trump has announced wideranging tariffs on trade partners, and wants to reduce the U.S. goods trade deficit with the EU.
In March, EU exports to the U.S. rose by 59.5%, implying U.S. importers were building stocks of EU and other goods ahead of tariff increases.
European Union exporters faced 25% tariffs on steel and aluminium from March 11, on cars from April 3 and on car parts from May 3. Washington doubled the rate on metals to 50% on June 4.
It also imposed so-called "reciprocal" tariffs on most EU goods on April 5, initially at 20%, but almost immediately cut to 10% until July 8.
The bloc's surpluses with Britain, Switzerland and Mexico fell, while its deficits with China, Norway and South Korea widened in April.
EU exports of machinery and vehicles to the rest of the world fell by 4.3%. There were also declines of its exports of raw materials and energy products, while food and drink and chemicals exports were higher than in April 2024.
($1 = 0.8681 euros)
(Reporting by Philip Blenkinsop; Editing by Toby Chopra)
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