EU Aluminum Trade Deficit Hits €11.1B As Imports Outpace Exports

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 28. The European Union recorded a trade deficit of 11.1 billion euros in aluminum and related products in 2024, with imports reaching 29.5 billion euros, while exports stood at 18.4 billion euros, Trend reports.

According to the latest Eurostat data, despite a decline in the physical volume of both imports (-6.2%) and exports (-1.7%) compared to 2019, the total value of trade increased. Imports grew by 29.9% (+ 6.8 billion euros) and exports by 21.3% (+ 3.2 billion euros), indicating that rising prices rather than higher trade volumes drove the increase.

Norway and China remained the EU's top aluminum suppliers, with imports valued at 4.4 billion euros (15.0% of total imports) and 3.9 billion euros (13.1%), respectively.

Türkiye (2.8 billion euros), Iceland (2.1 billion euros), and Switzerland (1.7 billion euros) also played significant roles in the EU's aluminum supply chain. Among them, imports from Iceland more than doubled (+104.9%) compared to 2019, while Türkiye's aluminum exports to the EU nearly doubled (+95.4%).

On the export side, the UK remained the EU's largest aluminium trade partner, purchasing 3.7 billion euros worth of aluminium (19.9% of total exports). The U.S. (2.6 billion euros), Switzerland (2.4 billion euros), Türkiye (0.9 billion euros), and India (0.8 billion euros) followed. Notably, EU aluminum exports to India surged by 135.6% since 2019, while shipments to Türkiye increased by 66.7%.

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