Eurozone Exports Fall Amid US Tariff Impact

Euro Area exports dropped 4.7% year-on-year to €205.9 billion in August 2025, their lowest level since January 2022, exacerbated by ongoing US tariffs on the bloc's goods. The decline was driven by weaker sales of chemicals (-9.6%) and machinery and vehicles (-3.9%). By destination, shipments fell sharply to the US (-22.3%), China (-12.8%), Japan (-24.9%), Turkey (-10.0%), South Korea (-14.2%), India (-9.8%), Brazil (-7.3%), and the UK (-0.1%).

Euro Area exports increased 0.4% year-on-year to €251.5 billion in July 2025, marking their highest level since March. Higher shipments to the UK (+2.9%), Switzerland (+8.8%), and Turkey (+6.3%) offset declines to major markets including the US (-4.5%) and China (-8.9%). Growth was driven by food & drink (+2.8%) and machinery & vehicles (+3.5%), while raw materials (-4.7%), fuels & lubricants (-18.5%), and chemicals (-6.0%) weighed on overall exports.

Exports from the Eurozone declined 1.4% year-on-year to €242.98 billion in April 2025, and fell 13.3% from March’s all-time high of €280.21 billion—a month when consumers and businesses front-loaded purchases ahead of the implementation of new tariffs by the Trump administration. The decline was driven by sharp drops in exports of mineral fuels and lubricants (-25.3%) and machinery and transport equipment (-5.6%). Chemical exports rose 6%, but this represented a significant slowdown from the 50.5% surge recorded in March. Export growth to the US also cooled considerably (3.9% vs. 63.9%), while exports to China and the UK fell by 14.9% and 6.0%, respectively.