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The European Union went from consistently running a trade surplus since 2012 to running a trade deficit worth almost 431.95 billion euros in 2022. This sudden surge in the bloc's deficit was largely caused by a more than doubling of the cost of fuel imports due to Russia's invasion of Ukraine and the EU's subsequent boycott of Russian energy exports. While in theory the EU's trade balance should only reflect its trade with countries outside of the union, as internal EU exports and imports should balance out, due to accounting irregularities, the EU in practice, runs a trade surplus with itself in most years. Following the substantial trade deficit opened up in 2022, the EU returned to running a trade surplus in 2023, when it recorded a surplus of almost 40.33 billion euros. In 2024, the EU ran a trade surplus of approximately 140.24 billion euros. In 2025, the EU is projected to run a trade surplus of approximately 129.34 billion euros.