The European Union (EU) recorded a trade deficit in aluminium of €11.1 billion in 2024, as per newly published data from Eurostat. The EU imported €29.5 billion worth of aluminium and related articles, while exports totaled €18.4 billion, reflecting a growing imbalance in aluminium trade. Compared with 2019, imports rose by 29.9 percent (€6.8 billion), and exports increased by 21.3 percent (€3.2 billion). These gains in value occurred even as the volume of aluminium traded declined imports dropped by 6.2 percent and exports by 1.7 percent indicating that higher prices were the primary contributor to the increasing trade deficit in aluminium.
Norway remained the EU’s top import partner, accounting for €4.4 billion in aluminium imports (15.0 percent of the total), followed closely by China with €3.9 billion (13.1 percent). Other key suppliers included Türkiye (€2.8 billion; 9.4 percent), Iceland (€2.1 billion; 7.3 percent), and Switzerland (€1.7 billion; 5.8 percent). Notably, imports from Iceland more than doubled since 2019, rising by 104.9 percent, while imports from Türkiye nearly doubled, up 95.4 percent. These shifts emphasize changing sourcing patterns within the EU’s aluminium trade landscape. On the export front, the UK led with €3.7 billion (19.9 percent of exports), followed by the United States at €2.6 billion (14.1 percent) and Switzerland at €2.4 billion (12.8 percent).
Türkiye and India followed, receiving €0.9 billion (5.0 percent) and €0.8 billion (4.5 percent), respectively. Exports to India grew by 135.6 percent since 2019, marking the largest increase among top destinations. Türkiye also saw a significant rise of 66.7 percent. These gains highlight growing demand for EU aluminium products outside the bloc. Overall, the 2024 trade deficit in aluminium underscores the EU’s increased dependence on imports amid global price fluctuations. Despite declining volumes, the rising value of aluminium trade reflects shifting global market dynamics. – By MENA Newswire News Desk.