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In March 2024, the EU agri-food trade surplus reached €6.7 billion, an 8% increase from the previous month and 3% higher than March 2023.
Exports
EU agri-food exports reached €20.1 billion in March 2024, marking a 4% month-on-month increase. The United Kingdom remained the top destination of EU agri-food exports, accounting for 22% of EU export value. Cumulative exports to the UK increased by EUR 214 million (+2%) compared to 2023, in part due to increases in pig meat. In the first quarter of 2024, the United States (US) saw the largest increase in EU exports with a 6% rise (€372 million). China remained the third destination of EU exports (6% of EU exports), despite being the destination with the largest reduction in value in the first quarter (-EUR 477 million, -12%). This is mainly explained by reduced export volumes and prices for the two first EU exports to China: cereal preparations (-EUR 402 million, -40%) and pigmeat (-EUR 278 million, -36%). Among other significant evolutions, EU exports increased to Iraq and Lebanon, while Russia and Egypt experienced decreases.
In terms of exported products, EU exports of olives and olive oil saw the highest increase compared to 2023 (+€615 million, +51%) due to higher prices, despite a slight decline in volumes. Cereal exports grew in volume, but fell in value due to lower prices. Finally, vegetable oils saw declines due to reduced prices and volumes.
Imports
EU agri-food imports reached €13.5 billion in March, a 2% increase from the previous month but 10% lower than March 2023 mainly due to reduced volumes imported. Brazil, the UK, and Ukraine have been the primary sources of imports in 2024 so far. However, imports from these countries have decreased compared to 2023, due to reduced volumes and lower prices of cereals imports.
In terms of imported products, compared to 2023, imports increased for olives and olive oil (+€324 million, +160%). Meanwhile, imports decreased for oilseeds and protein crops (‑€1.5 billion, -22%), and cereals (‑€1.4 billion, -36%).
June 25, 2024/ European Commission/ European Union.
https://agriculture.ec.europa.eu
