Strong start to 2024 for EU agri-food trade

Today, the European Commission has published the latest monthly trade report showing developments in imports and exports of EU agri-food products in January 2024.

According to its main findings, the EU’s agri-food trade exhibited positive growth.

The trade surplus reached €5 billion, which is 27% higher compared to January 2023. Agri-food exports reached €18.4 billion, representing a 2% increase compared to January 2023.

On the export side, the United Kingdom remained the first destination of EU exports, representing 23% of exports with an 8% increase in value compared to January 2023. Exports to the United States also grew by 9%. Significant increases were seen in exports of olives and olive oil (+146%), mixed food preparations (+10%), and sugar and isoglucose (+152% in volumes). Conversely, exports of vegetable oils (-43%) and dairy products (-7%) decreased. Exports to China decreased by 11%, primarily due to reduced prices of certain products like cereal preparations and pig meat.

On the import side, EU agri-food imports rose by 10% to €13.4 billion compared to December 2023 but remained 5% below January 2023 levels. Brazil and Ukraine were the top import sources. Imports from Côte d’Ivoire surged by 83% mainly due to increases in the import of cocoa products. Import growth was observed for olives and olive oil (+168%), while declines were noted for cereals (-34%), oilseeds and protein crops (-14%), and vegetable oils (-25%).

These trade dynamics reflect ongoing market shifts and evolving trade relationships within the EU agri-food sector.