EU agri-food trade rebounds in May 2023

After the EU agri-food trade slowed down in April, it bounced back with an increase of both imports and exports in May. The higher increase in exports compared to imports allowed the EU agri-food surplus to increase by 2% month-on-month in May, reaching + €5.2 billion. These are the main findings of the latest monthly agri-food trade report published today by the European Commission.

Exports

EU agri-food exports climbed by 8% month-on-month in May 2023, reaching €19.4 billion, the same amount as in May 2022. Exports from January to May 2023 totalled €95.7 billion overall, up 8% from the corresponding period in 2022.

Exports increased in May across most product categories compared to the previous month. From January to May 2023, biggest increase in cumulative exports was recorded for fruit and vegetable preparations that rose by €974 million (+25% compared to 2022), confectionery and chocolate by €645 million (+18%), and grain preparations and milling products by €1.3 billion (+15%).

While most of these increases can be attributed to higher export prices, as opposed to volume changes, vegetable oils, oilseeds and protein crops, and cereals stand out with their export volumes rising by 40%, 23%, and 16%, respectively.

The top three destinations for EU agri-food exports between January and May were the United Kingdom, the United States and China. Exports to the United Kingdom and China increased compared to 2022, while they decreased in direction of the United States and Egypt.

Imports

EU imports rose as well in May and equalled €14.3 billion, a 10% month-on-month gain. They remained 8% below their level in May 2022, as unit values of agri-food imports have decreased over the year. Since the beginning of 2023, total imports remained 3% higher than at the same period in 2022.

Cereal imports increased by €1.7 billion from January to May 2023, with a 48% increase in volumes. Sugar imports nearly doubled. Tobacco imports increased by 53%. Vegetable oils imports decreased both in value and volume, similar to mixed food preparations. Margarine and other oils and fats imports decreased by 16%, however, mainly due to lower import prices.

The top three  origin countries for EU agri-food imports between January and May were Brazil, the United Kingdom and Ukraine. Imports from Ukraine had increased in comparison to 2022, while imports from Argentina and Russia had decreased.

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