Amidst ongoing discussions around the EU-Mercosur trade deal a new report published today (Friday, June 20) shows that EU-Mercosur trade was "up substantially in the last decade".

The report from Eurostat outlines that in 2024, the EU imported €56 billion worth of goods, a 4.2% increase on 2023.

The EU also exported €55.2 billion worth of goods to the four countries last year - a 1.3% decrease compared to 2023 exports.

According to the report In 2024, the largest Mercosur partner measured by its share in total EU trade - both imports and exports - was Brazil followed by Argentina.

The majority of imports from Mercosur countries were primary goods including petrol and related products worth €12.1 billion.

However feed stuff for animals was worth €7.1 billion, while coffee, tea, cocoa and spices imports were valued at €5.2 billion.

When it came to exports from the EU to Mercosur countries the top items were primarily manufactured goods such as medicinal and pharmaceutical products worth €6.8 billion, general machinery and equipment worth €5.4 billion and road vehicles valued at €4.8 billion.

In terms of exported items, medicinal and pharmaceutical products have seen the biggest rise in the last 10 years, while petroleum related products have seen the biggest rise in imports over the last decade, with a growth of over €10.6 billion.

The European Commission has previously stated that the Mercosur agreement would create “new opportunities” for Irish farmers through the removal of Mercosur tariffs of up to 55% on EU agri-food products.

However, a deal would also allow 99,000 tonnes of Mercosur beef to enter the EU market, with analysis from the Meat Industry Ireland (MII) showing that could reduce the value of the Irish beef sector by over €100 million.

The commission has also underlined that the terms of the agreement will not provide duty-free access to Mercosur beef.

The Tánaiste recently stated that he is unconvinced that Ireland’s concerns about the Mercosur trade agreement have been “adequately addressed”.

He is also of the opinion that Europe, including its member states and the European Commission, “must get better at working out how we can engage with farmers and the agriculture sector earlier on in the process”.