The EU agri-food trade surplus reached €5.2 billion despite a slight decrease in August compared to July 2024, according to the latest agri-food trade 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 report said that the EU agri-food sector continues to deliver a solid performance at the international level.
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 UK remained the EU’s top agri-food export destination from January to August 2024, with exports valued at €35.1 billion (up 3% on the same period last year), followed by the US at €19.6 billion (up 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 by reduction in exports of pigmeat, cereals, and dairy products, the report said.
Exports of olives and olive oil saw the largest increase, rising by €1.8 billion (up 58%) thanks to high prices. In contrast, cereal exports fell by €1.3 billion (down 13%) in value due to lower prices, even though volumes exported increased by 6%.
The increase in exported volumes of suger and isoglucose reached was 184%, turning the EU into a net exporter again.
Turning to imports, the value of the agri-food coming into the EU reached €13.4 billion in August 2024, down from 8% from July 2024 but 23% higher than August 2023.
Cumulative imports from January to August added up to €11 billion, a 3% increase compared to the same period in 2023.
Brazil remained the top sources of EU imports between January and August, despite a 5% decline due to lower oilseeds prices and cereal volumes. Cote d’Ivoire (Ivory Coast), Nigeria and Tunisia showed significant increases, driven by higher prices for cocoa and olive oil.
While imports of oilseeds and protein crops fell by €1.9 billion (down 13%) compared to the first eight months of 2023 due to lower prices, and cereal imports dropped by €1.6 billion (down 20%) mainly because of reduced prices.