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Ukrainian Grain & Oilseed Market

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EU agri-food surplus increased in the first half of 2024

29.09.2024 17:13 "Agro Perspectiva" (Kyiv) — EU agri-food trade is proving to be strong as its surplus reached ˆ33.7 billion between January and June 2024, an increase of ˆ1.5 billion compared to the same period in 2023. The latest monthly agri-food trade report published today by the European Commission looks at the first half of the year. From January to June, EU exports reached ˆ116.4 billion, 1% above the same period in 2023, mainly driven by increasing prices of olive oil and coffee, tea and cocoa. Imports remained stable at ˆ82.7 billion.

Exports

EU agri-food exports in June 2024 reached ˆ18.9 billion, which represents a reduction of 5% from the previous month and 4% lower than June 2023. However, cumulative exports since January 2024 worth ˆ116.4 billion mark a slight 1% increase (+ˆ1.1 billion) compared to 2023.

In the first half of 2024, EU exports to the United States saw the largest increase, rising by ˆ1 billion (+8%) primarily due to higher olive and olive oil prices. This sector also drove higher exports to Brazil, up by ˆ209 million (+18%). In contrast, EU exports to China declined by 9%, (‑ˆ689 million), between January and June 2024 compared to 2023. This is mainly explained by reductions in several EU main exported products to China, in particular pigmeat, dairy products and cereal preparations.

In general, EU exports of olives and olive oil surged by ˆ1.4 billion (+58%) due to high prices compared to 2023, while sugar and isoglucose exports also saw significant growth, increasing by 146% (+ˆ435 million). Exports of cereals increased by 8% in volumes compared to 2023, to reach 25.1 million tonnes in the first half of the year, in a context of lower cereal prices. Exports of wheat alone accounted for an increase of 2.7 million tonnes. The EU continues to play its part in global food security. On the other hand, EU exports of wine and wine-based products decreased by 6% in value and those of vegetable oils by 36%, both due to lower prices and volumes.

Imports

EU agri-food imports in June 2024 reached ˆ13 billion, marking a 12% decrease from May 2024 and a 1% decline compared to June 2023. Cumulative imports for the first half of the year reached ˆ82.7 billion, remaining stable compared to 2023.

Imports from Côte d’Ivoire saw the largest increase in value, rising by ˆ951 million (+46%), followed by Nigeria (+ˆ473 million, +132%), due to higher cocoa prices. In the meantime, imports from Tunisia more than doubled (+107%), mainly due to increased volumes and prices of imported olive oil. On the other hand, imports from Australia declined significantly by ˆ843 million (-46%) due to reduced rapeseed volumes, and Brazil experienced a decrease of ˆ634 million (-7%).

Imports of coffee, tea, cocoa, and spices rose significantly by ˆ2.8 billion (+27%), primarily due to high cocoa prices, while imports of oilseeds and protein crops fell by ˆ2.1 billion (-18%).

Source: European Commission

Agro Perspectiva

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