The EU’s surplus in agri-food trade increased to €33.7 billion in the first half of 2024, according to the European Commission’s Directorate-General for Agriculture and Rural Development.
EU agri-food exports in June 2024 reached €18.9 billion, which represents a reduction of 5% from the previous month and 4% lower than June 2023. However, cumulative exports since January 2024 of 116.4 billion is a slight increase if 1% on the first half of 2023.
In the first half of 2024, EU exports to the US saw the largest increase, rising by €1 billion (+8%) primarily due to higher olive and olive oil prices. This sector also drove higher exports to Brazil, up by €209 million (+18%).
In contrast, EU exports to China declined by €689 million (-9%) between January and June 2024 compared to the first half of 2023. This is mainly explained by reductions in several EU main exported products to China, in particular pigmeat, dairy products and cereal preparations.
In general, EU exports of olives and olive oil increased by €1.4 billion (+58%) due to high prices compared to 2023, while sugar and isoglucose exports also saw significant growth, increasing by €435 million (+146%).
Exports of cereals increased by 8% in volume compared to 2023, to reach 25.1 million tonnes in the first half of the year, in a context of lower cereal prices. Exports of wheat alone accounted for an increase of 2.7 million tonnes.
On the other hand, EU exports of wine and wine-based products decreased by 6% in value and those of vegetable oils fell by 36%, both due to lower prices and volumes.
Agri-food trade
Turning to imports, and EU agri-food imports in June 2024 reached €13 billion, marking a 12% decrease from May 2024, and a 1% decrease compared to June 2023. Cumulative imports for the first half of the year reached €82.7 billion, remaining stable compared to 2023.
Imports from Côte d’Ivoire (Ivory Coast) saw the largest increase in value, rising by €951 million (+46%), followed by Nigeria, which increased by €473 million (+132%), due to higher cocoa prices.
At the same time, imports from Tunisia more than doubled (+107%), mainly due to increased volumes and prices of imported olive oil. On the other hand, imports from Australia declined significantly by €843 million (-46%) due to reduced rapeseed volumes, and Brazil experienced a decrease of €634 million (-7%).
Imports of coffee, tea, cocoa, and spices rose significantly by €2.8 billion (+27%), primarily due, again, to high cocoa prices, while imports of oilseeds and protein crops fell by €2.1 billion (-18%).