The latest agri-food trade report published yesterday (Tuesday, September 4) 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).

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 (UK) was the top destination, followed by the United States (US), which saw a 9% increase due to higher olive oil prices.

China experienced a 10% drop, mainly in pigmeat, cereal preparations and dairy. 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.

Agri-food imports

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 UK 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.

The top 15 EU export product categories are as follows:

  1. Cereal preparations and milling products;
  2. Dairy products;
  3. Wine and wine-based products;
  4. Mixed food preparations and ingredients;
  5. Cereals;
  6. Preparations of fruit, nuts and vegetables;
  7. Pigmeat;
  8. Beer, cider and other beverages;
  9. Confectionary and chocolate;
  10. Coffee, tea, cocoa and spices;
  11. Vegetables;
  12. Pet food and forage crops;
  13. Other animal products;
  14. Tobacco, cigars and cigarettes;
  15. Spirits and liqueurs.

The top export countries for EU agri-food products are UK, US, China and Switzerland.

Meanwhile, the top 15 import product categories are:

  1. Coffee, tea, cocoa and spices;
  2. Fruit and nuts;
  3. Oilseeds and protein crops;
  4. Cereals;
  5. Non-edible for technical use;
  6. Vegetable oils (oilseeds and palm);
  7. Vegetables;
  8. Preparations of fruit, nuts and vegetables;
  9. Mixed food preparations and ingredients;
  10. Other animal products;
  11. Cereal preparations and milling products;
  12. Tobacco, cigars and cigarettes;
  13. Spirits and liqueurs;
  14. Margarine and other oils and fats (vegetable);
  15. Pet food and forage crops.

The top import countries for the EU for agri-food products are Brazil, UK, Ukraine and the US.

AGRI-BUSINESS AGRI-FOOD EU EUROPEAN COMMISSION EXPORTS IMPORTS