The monthly EU agri-food trade surplus has reached its highest level over the last three years at €6.9 billion in October 2023, latest EU figures show.
This is 38% higher than the surplus recorded in the previous October. The trade balance from January to October 2023 reached €58 billion, up €10.6 billion on 2022.
EU agri-food exports reached €19.9 billion in October 2023, a monthly rise of 5%. Exports during the ten-month period totalled €190.8 billion, €2.1 billion higher than in 2022.
EU agri-food exports
Exports of cereal preparations and milling products increased by 8%, or €1.4 billion, on the previous year, followed by fruit and vegetable preparations up 16%, or €1.3 billion.
The value of cereal exports decreased by 15%, or €2.2 billion, compared to 2022 due to reduced export prices, while volumes exported increased by 5%.
Exports of pigmeat remain at a low level, with a reduction of 10% in value, or €1.2 billion, and a 19% reduction in volume between January and October 2023 on 2022 levels.
During the ten-month period, exports increased the most to the UK, up 8%, or €3.3 billion, followed by Turkey (+26% or €835 million), and Ukraine (+19% or €447 million).
EU exports to the US fell by 8% or €1.9 billion, followed by a 35% drop in exports to Egypt (- €858 million), Algeria (- 22% or €681 million), and Iran (-59% or €576 million).
However, the top three destinations for EU agri-food exports between January and October 2023 remained the UK, the US, and China, the European Commission said.
Imports
Agri-food imports into the EU were worth €13 billion in October 2023, an increase of 6% compared to the previous month, but still 17% below their 2022 level.
Cumulative imports from January to October 2023 reached €132.8 billion, a reduction of 6%, or €8.5 billion, compared to the same period in the previous year.
Imports of vegetables were up by 14%, or €602 million. The value of olive oil imports increased by 57%, or €343 million, mostly due to higher prices.
Cereals imports are now 3%, or €330 million, higher in value compared to 2022, and remain 13% higher in volume, according to the latest agri-food trade report.
Significant reductions in import value were recorded for oilseeds and protein crops, down 16% or €3.4 billion, and vegetable oils (-30% or €2.8 billion), due to lower prices and volumes.
Agri-food import values from Ukraine in September and October 2023 returned closer to their 2021 level, after reaching a peak in the second half of 2022 and the beginning of 2023.
Imports from January to October are 1%, or €100 million, higher, with increases in cereals, sugar and poultry, while decreasing oilseeds and protein crops and vegetable oils.
The value of imports from Brazil, mainly soya beans, coffee and maize, dropped by 13%, or €2.2 billion. Imports from Argentina, China and Australia also declined.
In the ten-month period, EU imports from Turkey rose by €885 million, and imports from Egypt were €484 million higher than in 2022, driven by fruit and nuts and vegetables.