EU Agri-food Trade Surges by 8% in July 2024

In July 2024, the EU’s agri-food trade saw an 8% increase from the previous month, reaching 6.1 billion euros—a figure on par with July 2023.

According to the European Commission’s latest monthly report, the trade surplus for the January-to-July 2024 period grew to 39.7 billion euros, marking a 1.1 billion euros increase over the same period in 2023. Cumulative exports during this timeframe reached 137.2 billion euros, up by 3% from 2023 levels, while imports rose by 2% to 97.5 billion euros.

EU agri-food exports for July 2024 alone hit 20.8 billion euros, climbing 10% from June and marking a 15% year-on-year increase. Exports to the United States grew by 10%, largely due to higher prices for olives and olive oil.

Meanwhile, exports to the UK rose by 3%. Conversely, exports to China decreased by 8%, driven by reduced demand for products like frozen pork, dairy (especially skimmed milk powder and fresh dairy), and cereals.

Among individual products, EU olive and olive oil exports saw the sharpest increase in value, rising by 1.7 billion euros or 59% due to higher prices. Exports in the coffee, tea, cocoa, and spice categories also increased by 25%, particularly for cocoa paste, butter, and powder.

However, cereal, vegetable oil, and wine exports declined in value due to lower prices and volumes.

EU imports for July 2024 were up 11% from the previous month, reaching 14.6 billion euros, 23% higher than in July 2023. Cocoa imports from Côte d’Ivoire surged by 50%, with Nigerian imports growing by 150%. Olive oil imports from Tunisia nearly doubled, rising by 460 million euros.

In terms of imported products, coffee, tea, cocoa, and spices saw the most significant increase, up by 31%, primarily due to high cocoa prices.

However, imports of oil seeds and protein crops fell by 15%, with notable declines in supplies from Australia, Brazil, and the U.S. Grain imports also dropped by 20% due to lower prices.

Source: tovima.com