29 November 2024

3 minute read

By: Global Ag Media

In August 2024, EU agri-food trade surplus reached €5.2 billion despite a slight decrease compared to July 2024, according to a market report from the European Commission. 

The surplus from January to August 2024 amounted to €44.8 billion, which is €431 million higher than the same period in 2023 thanks to the strong start of EU exports at the beginning of the year. The EU agri-food sector continues to deliver a solid performance at the international level. These are the main findings of the latest monthly agri-food trade report published today by the European Commission.

This monthly publication is accompanied by a thematic study on historical trade flows between the EU, Canada, and Japan.

Exports

EU agri-food exports reached €18.6 billion in August 2024, down 10% from July but 1% higher than August 2023. Cumulative exports from January to August rose to €155.8 billion, a +2% increase compared to the same period in 2023.

The United Kingdom remained the EU’s top agri-food export destination from January to August 2024, with exports valued at €35.1 billion (+3%), followed by the United States at €19.6 billion (+10%), driven by higher prices and volumes of key products like olives and olive oil. In contrast, exports to China and Russia declined significantly. For China, this is explained in particular by reductions in exports of pigmeat, cereals, and dairy products.

Exports of olives and olive oil saw the largest increase, rising by €1.8 billion (+58%) thanks to high prices. In contrast, cereal exports fell by €1.3 billion (-13%) in value due to lower prices but volumes exported increased by +6%. The increase in exported volumes of sugar and isoglucose reached +184%, making the EU a net exporter again.

Imports

EU agri-food imports reached €13.4 billion in August 2024, down 8% from July 2024 but +23% higher than August 2023. Cumulative imports from January to August added up to €111 billion, a +3% increase compared to the same period in 2023.

Brazil remained the top source of EU imports between January and August, despite a 5% decline due to lower oilseeds prices and cereals volumes. Côte d’Ivoire, Nigeria, and Tunisia showed significant increases driven by higher prices for cocoa and olive oil, while imports from Australia had the largest reduction (-38%) due to reduced rapeseed volumes and prices.

EU imports of coffee, tea, cocoa, and spices increased by €4.6 billion (+33%) compared to 2023 due to rising cocoa prices. Imports of olives and olive oil grew by €654 million (+93%) since January driven by both higher volumes and prices. In contrast, imports of oilseeds and protein crops fell by €1.9 billion (-13%) compared to 2023 due to lower prices, and cereals imports dropped by €1.6 billion (-20%) mainly because of reduced prices.

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