Here’s the translation to American English:
In 2024, trade between the European Union and the Indo-Pacific region reached a total volume of €848.0 billion. Imports were valued at €450.3 billion, while exports amounted to €397.7 billion. Compared to the previous year, imports showed a decrease of 2.4%, although exports experienced a slight increase of 1.1%.
This trade represented 18.5% of all EU imports and 15.4% of exports in 2024. Over the last decade, imports from the Indo-Pacific region increased by 81.1%, while exports rose by 38.3%. However, trade has exhibited volatile growth rates. In 2020, during the pandemic, there was a significant decline, with imports down by 8.6% and exports by 12.3%. Nevertheless, these figures rebounded in 2021, when imports grew by 20.0% and exports by 16.8%.
Growth continued in 2022, with increases of 33.1% in imports and 15.6% in exports, but in 2023, another decline was recorded, which had a minimal impact in 2024. The EU’s trade deficit with the Indo-Pacific region stood at €52.7 billion in 2024.
Between 2014 and 2018, the EU enjoyed a consistent surplus, but starting in 2019, this trend changed, resulting in a deficit that peaked in 2022 at €98.3 billion. This deficit was primarily due to the rise in imports, particularly of manufactured goods from India and Vietnam. Since then, the deficit has begun to decrease in the following two years.
This trade report is published in the context of the upcoming EU-Indo-Pacific Ministerial Forum, scheduled for November 20 and 21, where critical aspects of the trade relationship between both regions are expected to be addressed.
Source: MiMub in Spanish
