Brussels – The latest agri-food trade report published today by the European Commission showed that EU agri-food exports reached €19.7 billion in January-May 2024 (up 2 percent (pct) compared to the same period in 2023), while the latest monthly data (May 2024) showed that the overall EU agri-food surplus remained stable at €5 billion.
Cumulative exports from January to May reached €97.4 billion, up 2 pct compared to 2023.
The UK was the main destination, followed by the US, which increased by 9pct thanks to higher olive oil prices. China recorded a 10pct decline, mainly in pork, cereal preparations and dairy products. In addition, exports to Brazil increased by €208 million (+21pct), thanks to higher prices for olives and olive oil. Exports to Russia decreased by 15pct (€463 million), mainly for spirits. Olive oil exports increased by 60pct (+€1.2bn), while the value of cereal exports decreased by 14pct (€937 million) due to falling prices despite increasing volumes. Vegetable oil exports also decreased by 37pct (€654 million) due to falling prices and volumes.
EU agri-food imports were €14.7 billion, up 3pct compared to May 2023. Cumulative imports from January to May reached €69.6 billion, at a stable level compared to 2023. Despite a 4pct decline, Brazil remained the main source, followed by the United Kingdom and Ukraine. Imports from Côte d’Ivoire, Nigeria and Tunisia increased, supported by higher cocoa and olive oil prices. Imports from Australia, Indonesia and Canada fell sharply. Imports of coffee, tea, cocoa and spices increased by 26pct (€2.3 billion) and those of fruit and nuts by 9pct (€855 million), while cereals and oilseeds fell significantly due to lower prices and volumes.
this article is originally published on eunews.it
