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EU Car Trade Surplus Hits €89.3 Billion In 2024 Amid Shifting Market Dynamics

by THEFUTURE.TEAM
April 2, 2025

The European Union’s car trade landscape has undergone significant shifts in recent years. In 2024, the EU exported 5.4 million cars and imported 4.0 million, marking a 13.2% drop in exports and a 3.0% decline in imports compared to 2019. Despite the decrease in volume, the value of trade has surged, reflecting rising car prices.

In monetary terms, the EU exported €165.2 billion worth of cars while importing €75.9 billion, generating a trade surplus of €89.3 billion. This represents a 17.7% increase in export value (+€24.8 billion) and a 20.0% rise in imports (+€12.7 billion) over five years.

Key Trade Partners: U.S. And U.K. Drive Exports, China Leads In Imports

The United States (€38.9 billion) and the United Kingdom (€34.3 billion) remained the top destinations for EU car exports in 2024, followed by China (€14.5 billion), Türkiye (€12.0 billion), and Switzerland (€8.5 billion). However, trade patterns have shifted dramatically since 2019:

  • Exports to Türkiye soared by 364.1%, marking the most significant increase.
  • Exports to China dropped by 22.3%, highlighting changing demand in the region.

On the import side, China (€12.7 billion) and Japan (€12.3 billion) were the EU’s largest car suppliers, followed by the U.K. (€11.0 billion), Türkiye (€9.1 billion), and the U.S. (€8.4 billion). The most striking trend:

  • Imports from China skyrocketed by 1591.3%, reflecting the country’s growing footprint in the European auto market.
  • Imports from the U.K. declined by 17.1%, signaling a shift in post-Brexit trade flows.

What’s Driving The Shift?

The stark contrast between the declining number of cars traded and the rising overall value points to inflation, higher production costs, and a shift toward premium and electric vehicles. With global trade tensions, evolving consumer preferences, and regulatory changes, the EU’s car market continues to evolve—raising questions about how the industry will navigate the next five years.

AI’s Economic Benefits Surpass Emissions Concerns According to IMF

by News Editor
April 27, 2025
The International Monetary Fund (IMF) has recently highlighted the potential economic benefits of artificial intelligence (AI), projecting a global output boost of approximately 0.5% per year from 2025 to 2030. This growth is expected to surpass the environmental costs associated with higher carbon emissions from AI-driven data centers.

The report, showcased at the IMF’s spring meeting, emphasizes the need for equitable distribution of these economic gains while managing the adverse effects on our climate. The forecast indicates that AI’s contribution to GDP growth will outweigh the financial impacts of emissions, though it points out the necessity for policymakers and businesses to mitigate societal costs.

Energy Demands and Environmental Footprint

AI is set to escalate global electricity demand, potentially reaching 1,500 terawatt-hours (TWh) by 2030, mirroring the energy consumption of countries like India today.

The increasing demand for data processing capacity could result in higher greenhouse gas emissions, but the AI industry aims to offset these with advancements in renewable energy technologies.

AI: A Driver for Energy Efficiency?

Analysts suggest that AI could potentially reduce carbon emissions through improved energy efficiency, fostering advancements in low-carbon technologies across sectors such as power, food, and transport. Grantham Research Institute stresses the significance of strategic action from governments and industries to facilitate this transition.

The role of AI in the global economy continues to evolve, stirring debates not only about its economic potential but also its environmental impact.

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