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Trade Trends News
27-05-2024
EU agricultural exports exceed €19 billion in February: EU agricultural exports amounted to €37.7 billion in the first two months of 2024, up 3% on the same period last year.
Agricultural Exports
Olive and olive oil exports increased the most in the EU compared to 2023 (up 58% or €438 million), mainly due to higher prices. Exports of mixed food preparations and ingredients also increased by €232 million (+10%), driven by price and volume increases.
Exports of cereals (wheat up 36%), sugar and glucose also increased in the EU in February. Exports of dairy products remained strong but fell by 5% or €149 million due to lower prices.
The UK remains the number one destination for EU exports, with larger exports of beer, cider and other beverages, pork, and fruit and nut products. The second largest destination was the United States, where EU exports rose by 9% compared to the same period last year. Exports to Japan increased by 11%, mainly due to higher exports of tobacco products. EU agricultural exports, while remaining high, declined to China (-13%) and Russia (-22%).
Agricultural Imports
In February, EU imports of agricultural products amounted to €13.2 billion, down slightly by 2% m-o-m and unchanged from the February 2023 level.
Cumulative imports reached €26.5bn between January and February, up 3% or €946m on the same period in 2023. The coffee, tea, cocoa and spices category recorded the largest increase in imports (up €784 million) due to higher prices and increased volumes of cocoa products. Imports of fruits and nuts also increased by €425 million, while imports of olives and olive oil rose by €205 million.
Imports of cereals fell by €913 million due to lower import volumes and prices. Imports of oilseeds and protein crops fell by €832 million as a result of lower prices. Imports from Argentina, Australia, Canada, Indonesia and Ukraine decreased due to lower import volumes and prices of certain commodities. On the other hand, imports from Côte d'Ivoire, Egypt, Morocco, Tunisia and Turkey increased, driven by cocoa products, fruits and nuts.
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