Eurozone trade surplus soars as US deal boosts exports
The euro zone’s goods trade surplus recorded a sharp increase in September 2025, as exports to the United States surged following the implementation of a new transatlantic trade agreement that eased tensions after months of tariff-related disruption.
According to Eurostat data released on Friday, the euro area recorded a trade surplus of €19.4 billion in September, up sharply from €1.9 billion in August and well above the €12.9 billion recorded in September 2024. The recovery was mainly driven by strong shipments to the US and a surge in the chemicals sector.
EU-US trade deal boosts exports
Exports from the euro area to the rest of the world rose to €256.6 billion in September, marking an increase of 7.7% compared to last year. Imports also increased, reaching €237.1 billion, up 5.3% from the same month a year earlier.
The resulting surplus highlights positive trade momentum, particularly with the United States, as the impact of the new trade deal between the United States and the European Union begins to be seen.
The deal – reached last summer between European Commission President Ursula von der Leyen and US President Donald Trump – sets a single, all-encompassing tariff of 15% across most sectors, including cars, semiconductors, pharmaceuticals and wood.
EU exports to the US increased to €53.1 billion in September, an increase of 15.4% compared to last year, making the US the fastest growing export destination in the bloc. Imports from the US also strengthened, rising to €30.9 billion, up 12.5% from a year earlier.
Overall, the EU’s trade balance with the US increased to €22.2 billion, compared with €18.5 billion in September 2024.
Despite rapid growth in exports to the US, EU trade with China continues to weaken.
Exports to China fell 2.5% year-on-year in September to €16.7 billion, reflecting weak Chinese demand.
Exports to Turkey fell 1.5%, while exports to South Korea rose 6.6%, to Japan 3.5%, to India 7.7%, and to Mexico 11.1%.
On the import side, shipments from Norway jumped 13.8%, likely related to flows of energy and raw materials.
Chemical products drive Europe’s surplus
For the European Union at large, the trade balance also showed substantial improvement.
The EU recorded a surplus of €16.3 billion in September, reversing a deficit of €4.5 billion in August.
The shift was largely driven by the chemicals sector, whose surplus increased to €26.9 billion, up from €15.4 billion in the previous month.
Compared with September 2024, the EU’s overall trade balance increased by €6.8 billion.
However, the machinery and vehicle surplus narrowed from €16.4 billion to €13.8 billion.
Although the September numbers showed strong performance, this year’s performance is still below 2024 levels, reflecting headwinds from previous US tariff policies.
From January to September 2025, the euro area recorded a surplus of €128.7 billion, down from €134.3 billion in the same period last year.
Likewise, the EU surplus this year reached €104.3 billion, compared with €113 billion in the first nine months of 2024.
What is next?
Despite improving trade flows and investor sentiment, the EU-US trade agreement signed in August may soon face its first major test.
According to Bank of America economist Ruben Segura-Cayuela, the deal was a “poor and unstable deal” from the start, hampered by unresolved issues and a lack of clarity around key commitments. Four months later, much ambiguity remains.
Key elements – such as the EU’s pledge to cut tariffs on industrial goods – have yet to be finalized or agreed.
Contradictions also remain regarding the extent of regulatory harmonization, particularly in sensitive sectors such as energy, defense and investment.
Next week, the Commission is expected to present a new implementation plan to Washington aimed at clarifying those commitments.
However, the move underscores the institutional challenges Brussels faces in coordinating trade actions across member states, and its limited powers in enforcing follow-up at the national level.
With increasing political pressure and intense scrutiny from the US government, the upcoming meeting will be a major test.
Any sign of delay or backtracking from the EU could trigger a sharp reaction from Washington – potentially reigniting the trade tensions the summer agreement was intended to ease.
Source: Euronews
