Eurostat reported on Friday that the European Union's trade surplus shrank by 60% in February, with a sharp contraction led by a steep drop in exports to the United States. The statistics office said overall EU exports fell 9.3% in February compared with the same month a year earlier, while imports fell by 3.5%.
The largest decrease in exports was to the United States, where shipments from the EU were down 26.4% year-on-year. Imports into the EU from the United States were 3.2% lower over the same period. Exports to China also recorded a decline during the month, according to the Eurostat release.
Eurostat's data point to a reversal in flows to the United States after an earlier surge. That front-loading occurred in early 2025, when EU exporters accelerated deliveries ahead of expected U.S. measures - in February 2025 exports to the United States had been up 22.4% year-on-year. The subsequent fall in February reported this year reflects the unwinding of those advance shipments.
The tariff environment is also part of the picture. U.S. import tariffs of 15% were largely in effect on EU goods during February. On February 20, the U.S. Supreme Court struck down the tariffs that had been pursued under a law intended for national emergencies. Days later, the United States implemented a new temporary global import levy and indicated plans to reconstruct tariffs to mirror those agreed with the EU in the prior year.
Eurostat's figures show a pronounced shift in trade balances month-on-month and highlight the sensitivity of cross-Atlantic trade volumes to policy moves and tactical shipment timing. The steep year-on-year decline in U.S.-bound exports represents the single largest factor behind the 60% drop in the EU's trade surplus for February.
Beyond the headline numbers, the data underline differences in the pace of change for exports and imports - with exports falling more sharply than imports - and note that declines were not limited to the United States, as shipments to China also fell in the period covered by the release.
Data source - Eurostat data released Friday.