In July 2024, the European Union (EU) trade surplus in the food industry grew by 8 percent from the previous month, reaching EUR 6.1 billion, a figure similar to July 2023. This is due to an already strong first half of 2024 thanks to higher exports, according to the latest monthly report on trade in agricultural and food products published today by the European Commission (EC).
Between January and July 2024, the surplus rose to €39.7 billion, an increase of €1.1 billion compared to the same period in 2023. Since January, total EU exports from January to July reached 137, €2 billion, up 3 percent from the same period in 2023. Cumulative imports between January and July reached €97.5 billion, up 2 percent from 2023.
Amount
Total EU exports from January to July reached €137.2 billion, 3 percent more than in the same period in 2023. EU agricultural and food exports reached €20.8 billion in July 2024 , which is an increase of 10 percent compared to the previous month and 15 percent more than July 2023.
EU exports to the US increased by €1.5 billion (10 per cent), largely due to higher olive and olive oil prices, while exports to the UK increased by €914 million (3 per cent). In contrast, EU exports to China fell by €728 million (8 per cent), mainly due to declines in exports of products such as frozen pork, dairy products (in particular skimmed milk powder and fresh dairy products) and cereals, writes BTA.
Olive and olive oil exports from the EU saw the biggest increase in value, with €1.7 billion (59 per cent) due to higher prices. Exports of products from the coffee, tea, cocoa and spices category also increased by €1.2 billion (25 per cent), mainly from cocoa paste, butter and powder. Meanwhile, exports of cereals, vegetable oils and wine have declined in value due to lower prices and volumes.
Import
Cumulative imports between January and July reached €97.5 billion, 2 percent higher than in 2023. July 2024 imports increased by 11 percent month-on-month to €14.6 billion euro, which represents a growth of 23 percent compared to July 2023.
EU imports of cocoa products from Côte d’Ivoire increased significantly by €1.2 billion (50 per cent), while Nigerian imports rose by 150 per cent (€600 million) for the same reason. Olive oil imports from Tunisia almost doubled, increasing by 460 million euros.
In terms of imported products, coffee, tea, cocoa and spices grew by €3.8 billion (31 percent), mainly due to high prices for cocoa, especially cocoa beans. In contrast, imports of oilseeds and protein crops saw the largest decline in value, with €1.9 billion (15 per cent), particularly from Australia, Brazil and the US. Cereal imports are down €1.5 billion (20 percent) due to lower prices.