EU’s agri-food trade surplus holds at €5b in May ’24

The European Union’s agri-food trade surplus remained stable at €5 billion in May 2024, slightly down from the same period in 2023.

The European Commission’s latest report shows that exports reached €19.7 billion, driven by significant growth in olives and olive oil, though offset by declines in vegetable oils and cereals.

Imports increased by 3 per cent year-on-year to €14.7 billion, fuelled by higher imports of cocoa products, fruit, nuts, and olive oil.

From January to May, EU agri-food exports totalled €97.4 billion, a 2 per cent increase from 2023. The United Kingdom was the top export destination, followed by the United States, which saw a 9 per cent rise due to higher olive oil prices.

In contrast, exports to China fell by 10 per cent, primarily in pigmeat, cereal preparations, and dairy products. Notably, exports to Brazil surged by 21 per cent, while exports to Russia dropped by 15 per cent, particularly in spirits.

Olive oil exports were a standout, soaring by 60 per cent (€1.2 billion), while cereal exports declined by 14 per cent in value despite higher volumes.

On the import side, Brazil remained the leading source despite a 4 per cent drop, with increases seen from Côte d’Ivoire, Nigeria, and Tunisia, driven by higher cocoa and olive oil prices. However, imports from Australia, Indonesia, and Canada saw sharp declines.