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Ukrainian Grain & Oilseed Market

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The EU agri-food trade surplus increased by 15% in September 2024, reaching EUR 6 billion

22.12.2024 03:53 "Agro Perspectiva" (Kyiv) — The EU agri-food trade surplus increased by 15% in September 2024, reaching EUR 6 billion. This marks a significant increase from the previous month but is still 10% lower than in September 2023. The EU surplus reached EUR 50.6 billion between January and September 2024, remaining stable compared to the same period in 2023. Moreover, EU exports rose to EUR 19.6 billion in September 2024, while cumulative exports totalled EUR 175.5 billion, an increase of 2% compared to the same period in 2023. On the other hand, EU imports remained stable in September 2024, totalling EUR 124.9 billion for the period January-September 2024 (+4% compared to the period in 2023).

Exports

EU exports reached EUR 19.6 billion in September 2024, an increase of 5% on the previous month and 3% higher than in September 2023. Since January, cumulative EU exports reached EUR 175.5 billion, 2% higher than in the same period in 2023.

The value of EU exports of olives and olive oil increased significantly, by EUR 2 billion (54%), due to increased prices. Similarly, EU exports of cocoa products also increased driven by higher prices. In contrast, EU cereals exports had the largest reduction in value, with a decrease of EUR 1.7 billion in value (‑15%), explained by a reduction of world prices. Exports of vegetable oils also decreased with reduced prices and volumes.

The US and the UK continue to be the top EU export destinations. EU exports to the US had the largest increase compared to 2023 (+EUR 2.2 billion, +11%), notably coming from higher prices for olives and olive oil exports. The UK was the destination with the second largest increase of EU export value, with a rise of EUR 1.1 billion (+3%) compared to the same period in 2023, due to increases across a variety of products.

On the other hand, exports to China had the largest reduction, with a decrease of EUR 878 million (‑8%) compared to 2023. This is explained in particular by reductions in exports of pigmeat, cereals, and dairy products. EU exports to Russia followed, with a reduction of EUR 552 million (‑11%) compared to 2023, due to reduced exported volumes across many agri-food categories, in particular spirit and liqueurs and wine and wine-based products.

Imports

EU imports remained stable month-on-month in September and reached EUR 13.6 billion. However, this is the third consecutive month that they remain higher than the respective month in 2023 (11% higher compared to September 2023). As a result, cumulative imports between January and September reached EUR 124.9 billion, and therefore were 4% higher compared to 2023.

The value of cocoa imports increased significantly compared to 2023, as world prices kept increasing. Imports of fruit and nuts also grew by EUR 1.4 billion (+8%), mainly due to increased prices. Conversely, imports of oilseeds and cereals decreased, mainly due to reduced prices.

Imports from Côte d’Ivoire had the largest increase between January and September compared to 2023 (+EUR 1.7 billion, +57%), driven by the increase of cocoa prices. Imports from Nigeria also increased significantly, by 150% (+EUR 761 million) for the same reason. Imports from Ukraine had the second largest increase in value, with a growth of EUR 834 million compared to 2023 (+10%). This is mainly explained by higher import volumes of vegetable oils and oilseeds, particularly rapeseed.

Source European Commission

Agro Perspectiva

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