EU agri-food trade increased in July 2024

In July 2024, the EU agri-food trade surplus grew by +8% from the previous month, reaching €6.1 billion, a value similar to July 2023. This follows an already strong first half of 2024 thanks to higher exports. Between January and July 2024, the surplus rose to €39.7 billion, an increase of €1.1 billion compared to the same period in 2023. Since January, cumulative EU exports from January to July reached €137.2 billion, 3% higher than in the same period in 2023. Cumulative imports between January and July reached €97.5 billion, 2% higher compared to 2023. These are the main findings of the latest monthly agri-food trade report published today by the European Commission.

Exports

Since January, cumulative EU exports from January to July reached €137.2 billion, 3% higher than in the same period in 2023. EU agri-food exports reached €20.8 billion in July 2024, up +10% from the previous month and +15% higher than July 2023. EU exports to the United States increased by €1.5 billion (+10%), largely due to higher prices of olives and olive oil, while exports to the United Kingdom increased by €914 million (+3%). In contrast, EU exports to China fell by €728 million (-8%), mainly due to declines in exports of products like frozen pig meat, dairy (notably skimmed milk powder and fresh dairy products), and cereals. 

In terms of exported products, EU exports of olives and olive oil saw the largest growth in value, increasing by €1.7 billion (+59%) due to higher prices. Exports of products under the category of coffee, tea, cocoa, and spices also rose by €1.2 billion (+25%), mainly driven by cocoa paste, butter and powder. Meanwhile, exports of cereals, vegetable oils, and wine declined in value due to lower prices and volumes.

Imports

Cumulative imports between January and July reached €97.5 billion, 2% higher compared to 2023. July 2024 imports increased by +11% month-on-month to €14.6 billion, a +23% increase compared to July 2023.

EU imports of cocoa products from Côte d'Ivoire increased significantly by €1.2 billion (+50%), while Nigeria's imports surged by +150% (€600 million) for the same reason. Tunisia's imports of olive oil nearly doubled, rising by €460 million. 

In terms of imported products, coffee, tea, cocoa, and spices surged by €3.8 billion (+31%), driven mainly by high cocoa prices, especially for cocoa beans. By contrast, imports of oilseeds and protein crops saw the largest decline in value, dropping by €1.9 billion (-15%) notably from Australia, Brazil and the US. Cereal imports decreased by €1.5 billion (-20%) due to reduced prices. 

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