October 8, 2024

 

Value of EU agri-food exports dropped 4% year-on-year in June 2024

 

EU agri-food exports in June 2024 reached €18.9 billion (US$20.21 billion), which represented a drop of 5% from May and 4% lower than June 2023.

 

However, cumulative exports since January 2024 worth €116.4 billion (US$124.15 billion) mark a slight 1% increase (+ €1.1 billion, or US$1.18 billion) compared to 2023.

 

In the first half of 2024, EU exports to the United States saw the largest increase, rising by €1 billion (+8%, US$1.07 billion), primarily due to higher olive and olive oil prices.

 

In the same period, EU exports to China declined by 9% (-€689 million, or -US$737.63 million) between January and June 2024 compared to 2023. This is mainly explained by reductions in several key EU exports to China, in particular pork, dairy products, and cereal preparations.

 

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 in June 2024 reached €13 billion (US$13.91 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 €82.7 billion (US$88.52 billion), remaining stable compared to 2023.

 

Imports from Côte d'Ivoire saw the largest increase in value, rising by €951 million (+46%, or US$1.02 billion), followed by Nigeria (+€473 million, or US$506.11 million, +132%).

 

In the meantime, imports from Tunisia more than doubled (+107%).

 

On the other hand, imports from Australia declined significantly by €843 million (-46%, or -US$901.61 million) while Brazil experienced a decrease of €634 million (-7%, or -US$678.38 million).

 

Imports of oilseeds and protein crops fell by €2.1 billion (-18%, or -US$2.25 billion).

 

- European Commission