August EU agri-food trade report
Exports
EU agri-food exports reached €18.6 billion in August 2024, down 10% from July but 1% higher than August 2023. Cumulative exports from January to August rose to €155.8 billion, a +2% increase compared to the same period in 2023.
The United Kingdom remained the EU’s top agri-food export destination from January to August 2024, with exports valued at €35.1 billion (+3%), followed by the United States at €19.6 billion (+10%), driven by higher prices and volumes of key products like olives and olive oil. In contrast, exports to China and Russia declined significantly. For China, this is explained in particular by reductions in exports of pigmeat, cereals, and dairy products.
Exports of olives and olive oil saw the largest increase, rising by €1.8 billion (+58%) thanks to high prices. In contrast, cereal exports fell by €1.3 billion (-13%) in value due to lower prices but volumes exported increased by +6%. The increase in exported volumes of sugar and isoglucose reached +184%, making the EU a net exporter again.
Imports
EU agri-food imports reached €13.4 billion in August 2024, down 8% from July 2024 but +23% higher than August 2023. Cumulative imports from January to August added up to €111 billion, a +3% increase compared to the same period in 2023.
Brazil remained the top source of EU imports between January and August, despite a 5% decline due to lower oilseeds prices and cereals volumes. Côte d’Ivoire, Nigeria, and Tunisia showed significant increases driven by higher prices for cocoa and olive oil, while imports from Australia had the largest reduction (-38%) due to reduced rapeseed volumes and prices.
EU imports of coffee, tea, cocoa, and spices increased by €4.6 billion (+33%) compared to 2023 due to rising cocoa prices. Imports of olives and olive oil grew by €654 million (+93%) since January driven by both higher volumes and prices. In contrast, imports of oilseeds and protein crops fell by €1.9 billion (-13%) compared to 2023 due to lower prices, and cereals imports dropped by €1.6 billion (-20%) mainly because of reduced prices.
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