After reaching its highest level over the last three years in October 2023, the EU agri-food trade surplus continued to grow by a further 3% in November 2023, according to the latest EU figures.
The latest agri-food trade report shows a trade surplus of €6.9 billion for the month, which is 27% higher compared to November 2022.
The trade balance from January to November 2023 reached €64.8 billion, over €12 billion compared to the same period in 2022.
EU agri-food exports
In November 2023, EU agri-food exports reached €20 billion and exports since January reached €210.8 billion.
Increases in exports could be seen for processed products, including cereal preparations and preparations of fruit and nuts.
Cereal preparations and milling product exports increased by 7% 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 14%. This is explained by reduced export prices while volumes exported actually increased by 7%.
The top three destinations for EU agri-food exports between January and November 2023 remained the UK, the US, and China.
EU exports to the UK increased by 8% from January to November 2023, due to higher prices for cereal preparations, pigmeat, fruit and nuts, confectionery and chocolate.
China saw a decrease of 5%, due to lower pigmeat exports, and the US a decrease of 7%.
Imports
In November 2023, EU agri-food imports reached €13.1 billion, 16% below November 2022 levels.
Imports overall from January to November 2023 were €146.1 billion, 7% below 2022 levels.
The largest increases in import value were for tobacco products, sugar and isoglucose, vegetables, and olives and olive oil.
Significant reductions were observed for oilseeds, protein crops, vegetable oils, non-edible products, coffee, tea, cocoa, spices, and margarine and other oils and fats due to price and volume reductions.
Brazil accounted for the most popular import destination at 11%, but overall saw decreases of 13%, due to reduced volumes of soya beans, coffee, and maize.
The UK was the second most popular destination and saw an increase of €290 million.
Ukraine was the third, with imports decreasing overall by 6% compared to the same period in 2022.