EU agri-food trade balance remains stable

Brussels – The latest agri-food trade report published today by the European Commission showed that in the January-May 2024 period, EU agri-food exports reached €19.7 billion—an increase of 2% compared to the same period in 2023—, while the latest monthly figure (May 2024) showed that the overall EU agri-food surplus remained stable at €5 billion.

Cumulative exports from January to May reached 97.4 billion, up 2% from 2023.

The United Kingdom was the top destination, followed by the United States, which recorded a 9% increase due to higher olive oil prices. China recorded a 10% decline, mainly in pork, grain preparations, and dairy products. In addition, exports to Brazil increased by €208 million (+21%) due to higher olive and olive oil prices. On the other hand, exports to Russia decreased by 15% (€463 million), mainly in spirits. Olive oil exports increased by 60% (+€1.2 billion), while the value of cereal exports decreased by 14% (€937 million) due to lower prices despite higher volumes. Vegetable oil exports declined by 37% (€654 million) due to falling prices and volumes.

EU agri-food imports totalled €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 Côte d’Ivoire, Nigeria, and Tunisia increased, driven by higher cocoa and olive oil prices. In contrast, imports from Australia, Indonesia, and Canada fell sharply. Imports of coffee, tea, cocoa, and spices increased by 26% (€2.3 billion) and those of fruits and nuts by 9% (€855 million), while cereals and oilseeds declined significantly due to lower prices and volumes.