Edition: International | Greek
MENU

Home » Europe

EU agri-food trade balance remains stable

The latest agri-food trade report published today by the European Commission showed that in the January-May 2024 period, cumulative EU agri-food exports reached €97.4 billion

By: EBR - Posted: Monday, November 4, 2024

The United Kingdom was the top destination, followed by the United States, which saw a 9% increase due to higher olive oil prices.
The United Kingdom was the top destination, followed by the United States, which saw a 9% increase due to higher olive oil prices.

The latest agri-food trade report published today by the European Commission showed that in the January-May 2024 period, cumulative EU agri-food exports reached €97.4 billion (a 2% increase compared to the same period in 2023), while the latest monthly figure (May 2024) showed that the overall EU agri-trade surplus remained stable at €5 billion.

EU agri-food exports remained stable at €19.7 billion, with cumulative exports from January to May reached €97.4 billion, a 2% increase from 2023. The United Kingdom was the top destination, followed by the United States, which saw a 9% increase due to higher olive oil prices. China experienced a 10% drop, mainly in pigmeat, cereal preparations and dairy. Furthermore, exports to Brazil rose by €208 million (+21%), driven by higher olive and olive oil prices. In contrast, exports to Russia fell by 15% (€463 million), especially in spirits. Olive oil exports surged by 60% (+€1.2 billion), while cereal export values fell by 14% (€937 million) due to lower prices despite higher volumes. Vegetable oil exports also dropped by 37% (€654 million) due to lower prices and volumes.

EU agri-food imports were €14.7 billion, up 3% from May 2023. Cumulative imports from January to May reached €69.6 billion, at a stable level compared to 2023. Despite a 4% decline, Brazil remained the top source, followed by the United Kingdom and Ukraine. Imports from Cote d’Ivoire, Nigeria, and Tunisia surged, driven by higher cocoa and olive oil prices. In contrast, imports from Australia, Indonesia, and Canada fell sharply. Coffee, tea, cocoa and spices imports rose by 26% (€2.3 billion), and imports of fruit and nuts by +9% (€855 million), while cereals and oilseeds saw significant declines due to lower prices and volumes.

More insights as well as detailed tables are available in the latest edition of the monthly EU agri-food trade report.

Source: European Commission 

READ ALSO

EU Actually

Border controls are the new normal in the Schengen area

N. Peter KramerBy: N. Peter Kramer

Prime Minister, Michel Barnier, announced that France will control all its borders for illegal immigration from November 1

View 04/2021 2021 Digital edition

Magazine

Current Issue

04/2021 2021

View past issues
Subscribe
Advertise
Digital edition

Europe

Russian consulate in Bulgaria closed for spying operates from socialists’ office

Russian consulate in Bulgaria closed for spying operates from socialists’ office

The Consulate General of the Russian Federation in Bulgaria’s largest Black Sea city, Varna, was closed by government decision in October 2022 but continues to operate undercover

Business

Value-based trade policies are on the rise- Here’s what businesses need to know

Value-based trade policies are on the rise- Here’s what businesses need to know

Trade policy is no longer just there to promote efficiency and productivity in the flow of goods and services

MARKET INDICES

Powered by Investing.com
All contents © Copyright EMG Strategic Consulting Ltd. 1997-2024. All Rights Reserved   |   Home Page  |   Disclaimer  |   Website by Theratron