Staff Report
The eurozone ended 2025 with a notable trade surplus, recording €12.6 billion in goods trade with the rest of the world for December. This figure, though slightly narrower than the €13.9 billion surplus observed in December 2024, underscores the persistent strength of European exporters. Total exports from the eurozone reached €234 billion in December, marking a 3.4% increase from €226.3 billion in the previous year. Imports also saw a rise, climbing 4.2% to €221.3 billion, contributing to a comfortable, albeit slightly reduced, end-of-year surplus.
Looking at the entirety of 2025, the bloc maintained a robust external trade position. A cumulative trade surplus of €164.6 billion was reported for the period from January to December, a figure that only modestly trailed the €168.9 billion surplus from the corresponding period in 2024. Exports for the full year ascended to €2,937.9 billion, representing a 2.4% increase over 2024, while imports grew by 2.7% to €2,773.3 billion. Trade activity within the eurozone itself also expanded, with intra-euro area trade reaching €2,627.6 billion, up 2.0% year-on-year. These numbers indicate a stable, if not accelerating, global trade presence for the region.
Seasonal adjustments offer further insight into the close of the year. Eurostat data indicates that December saw a 1.1% increase in seasonally adjusted exports compared to November, alongside a 0.6% rise in imports. Consequently, the seasonally adjusted balance improved to €11.6 billion, an increase from €10.2 billion in November. This suggests a late-year pickup in economic activity, despite some underlying shifts in the composition of the surplus.
A closer examination of the figures reveals a notable shift in the sectors contributing to the overall trade balance. The slight narrowing of the surplus compared to December 2024 was primarily driven by reduced surpluses in several of the euro area’s traditionally strong industrial sectors. For instance, the chemicals and related products sector experienced a decline in its surplus, falling from €20.2 billion in December 2024 to €16.5 billion in December 2025. Similar contractions were observed in the surpluses generated by machinery and vehicles, other manufactured goods, and raw materials. These shifts suggest evolving global demand patterns or increased domestic consumption within these particular industries.
Conversely, the energy sector provided a positive counterpoint to these declines. Eurostat figures show a significant improvement, with the energy deficit shrinking from €24.5 billion in December 2024 to €19.1 billion in December 2025. This reduction in the energy deficit played a crucial role in mitigating the impact of the decreased surpluses elsewhere, illustrating a rebalancing within the eurozone’s trade profile. The broader European Union mirrored these trends, posting a €12.9 billion surplus in December 2025, a slight decrease from €14.2 billion a year prior. Extra-EU exports rose to €214.8 billion in December, up 2.2%, while imports increased 3.0% to €201.9 billion. For the full year, the EU recorded a €133.5 billion surplus, marginally down from €140.6 billion in 2024.
Ultimately, despite some sectoral reconfigurations and a modest narrowing of the overall balance, the data collectively points to a resilient trade performance across the eurozone. Export growth continued consistently into the final month of the year, allowing the bloc to maintain a substantial external surplus. This consistent performance suggests an underlying strength in the region’s economy, capable of adapting to changing global dynamics and sustaining its position in international trade.
