EU trade with the Indo-Pacific region: €848.0 billion

In 2024, the EU trade with the Indo-Pacific region amounted to €848.0 billion. Imports were valued at €450.3 billion and exports reached €397.7 billion. Compared with 2023, imports declined by 2.4%, while exports increased by 1.1%.

Trade with the Indo-Pacific region made up 18.5% of all EU imports and 15.4% of all exports in 2024.

Between 2014 and 2024, EU trade with the Indo-Pacific region experienced volatile growth rates for both imports and exports. Trade declined sharply during the pandemic, with imports falling by 8.6% and exports by 12.3% in 2020. This was followed by record annual growth in 2021 (+20.0% for imports and +16.8% for exports) and 2022 (+33.1% for imports and +15.6% for exports). Trade declined again in 2023, but slowed to a minimal drop in 2024.

Overall, between 2014 and 2024, imports from the Indo-Pacific region grew by 81.1%, while exports increased by 38.3%.

Source dataset: DS-059331

EU's trade deficit with the Indo-Pacific region declined in 2023 and 2024

In 2024, the EU had a €52.7 billion trade deficit with the Indo-Pacific region. Between 2014 and 2018, the EU consistently reported a trade surplus, but this shifted to a deficit in 2019. The deficit peaked at €98.3 billion in 2022, mainly due to a sharp rise in imports, particularly from India and Vietnam, driven by manufactured products. It then began to decline, narrowing over the next 2 years.

Source dataset: DS-059331

This news article is published ahead of the EU-Indo Pacific Ministerial Forum, which will be held on 20-21 November.