EU Agri-Food Trade Sees Slight Decline in August as Pork, Dairy Exports to China Drop
Source: DairyNews.today
The European Union recorded a €5.2 billion agri-food trade surplus in August 2024, according to the European Commission’s latest monthly market report. While this marked a slight dip from July’s figures, the year-to-date surplus reached €44.8 billion, up €431 million compared to the same period in 2023, driven by strong early-year export performance.
Exports Maintain Growth Despite Monthly Decline
EU agri-food exports totaled €18.6 billion in August, a 10% drop from July but 1% higher than August 2023. Cumulative exports from January to August climbed to €155.8 billion, reflecting a 2% year-on-year increase.
The United Kingdom remained the EU’s largest export market during this period, with €35.1 billion in exports (+3%), followed by the United States at €19.6 billion (+10%), bolstered by rising prices and volumes of products such as olives and olive oil. However, exports to China and Russia saw notable declines, largely due to reduced shipments of pigmeat, cereals, and dairy products.
Exports of olives and olive oil surged by €1.8 billion (+58%), driven by high prices, while cereal exports declined by €1.3 billion (-13%) in value despite a 6% increase in volume. Sugar and isoglucose exports soared by 184%, making the EU a net exporter in this category once again.
Imports Driven by Rising Prices in Key Commodities
EU agri-food imports reached €13.4 billion in August, down 8% from July but 23% higher than August 2023. From January to August, imports totaled €111 billion, reflecting a 3% year-on-year increase.
Brazil remained the EU’s top supplier, despite a 5% decline due to lower oilseed prices and reduced cereal volumes. Côte d’Ivoire, Nigeria, and Tunisia saw sharp import growth, fueled by higher cocoa and olive oil prices. Imports from Australia experienced the steepest decline (-38%) due to lower rapeseed prices and volumes.
Coffee, tea, cocoa, and spices imports rose by €4.6 billion (+33%), driven by surging cocoa prices. Olive and olive oil imports increased by €654 million (+93%) due to higher volumes and prices. Conversely, oilseed and protein crop imports dropped by €1.9 billion (-13%), and cereal imports fell by €1.6 billion (-20%), primarily due to lower prices.
Outlook and Additional Insights
Despite the monthly decline, the EU agri-food sector continues to exhibit resilience, maintaining robust trade figures against a backdrop of fluctuating global markets. The full report, which includes detailed tables and a thematic study on historical trade flows with Canada and Japan, provides further insights into the sector’s performance.
EU agri-food exports totaled €18.6 billion in August, a 10% drop from July but 1% higher than August 2023. Cumulative exports from January to August climbed to €155.8 billion, reflecting a 2% year-on-year increase.
The United Kingdom remained the EU’s largest export market during this period, with €35.1 billion in exports (+3%), followed by the United States at €19.6 billion (+10%), bolstered by rising prices and volumes of products such as olives and olive oil. However, exports to China and Russia saw notable declines, largely due to reduced shipments of pigmeat, cereals, and dairy products.
Exports of olives and olive oil surged by €1.8 billion (+58%), driven by high prices, while cereal exports declined by €1.3 billion (-13%) in value despite a 6% increase in volume. Sugar and isoglucose exports soared by 184%, making the EU a net exporter in this category once again.
Imports Driven by Rising Prices in Key Commodities
EU agri-food imports reached €13.4 billion in August, down 8% from July but 23% higher than August 2023. From January to August, imports totaled €111 billion, reflecting a 3% year-on-year increase.
Brazil remained the EU’s top supplier, despite a 5% decline due to lower oilseed prices and reduced cereal volumes. Côte d’Ivoire, Nigeria, and Tunisia saw sharp import growth, fueled by higher cocoa and olive oil prices. Imports from Australia experienced the steepest decline (-38%) due to lower rapeseed prices and volumes.
Coffee, tea, cocoa, and spices imports rose by €4.6 billion (+33%), driven by surging cocoa prices. Olive and olive oil imports increased by €654 million (+93%) due to higher volumes and prices. Conversely, oilseed and protein crop imports dropped by €1.9 billion (-13%), and cereal imports fell by €1.6 billion (-20%), primarily due to lower prices.
Outlook and Additional Insights
Despite the monthly decline, the EU agri-food sector continues to exhibit resilience, maintaining robust trade figures against a backdrop of fluctuating global markets. The full report, which includes detailed tables and a thematic study on historical trade flows with Canada and Japan, provides further insights into the sector’s performance.
