EU agri-food surplus increased in the first half of 2024 - EU agri-food exports reached compared to the same period in 2023.

The latest agri-food trade report published today by the European Commission showed that in the January-June 2024 period, cumulative EU agri-food exports reached €116.4 billion, a 1% increase (+€1.1 billion) compared to the same period in 2023, while the latest monthly figure (June 2024) showed that the overall EU agri-trade surplus reached €33.7 billion, an increase of €1.5 billion compared to the same period in 2023.
EU agri-food exports in June 2024 reached €18.9 billion, which represents a reduction of 5% from the previous month and 4% from June 2023. In the first half of 2024, EU exports to the United States saw the largest increase, rising by €1 billion (+8%) primarily due to higher olive and olive oil prices. This sector also drove exports to Brazil up by €209 million (+18%). EU exports to China declined by 9% (‑€689 million) between January and June 2024, compared to 2023. This is mainly explained by reductions in several main EU exported products to China, in particular pig meat, dairy products and cereal preparations.

The EU continues to play its part in global food security: 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.

EU agri-food imports reached €13 billion, marking a 12% decrease from May 2024 and a 1% decline compared to June 2023. Imports from Côte d'Ivoire saw the largest increase in value, rising by €951 million (+46%), followed by Nigeria (+€473 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 €843 million (-46%) due to reduced rapeseed volumes, and Brazil experienced a decrease of €634 million (-7%).

More insights as well as detailed tables are available below in the latest edition of the monthly EU agri-food trade report.