EU agri-food trade remained stable in summer 2023

After the slowdown of July 2023, the EU agri-food trade balance reached €5.7 billion in August 2023. The cumulative trade balance (from January to August 2023) reached €44.3 billion, which is €7.5 billion higher compared to the same period in 2022. These are the main findings of the latest monthly agri-food trade report published today by the European Commission.

Exports

In August 2023, EU agri-food exports remained stable at €18.2 billion. Across products, export prices remained high in 2023.

In terms of exported products, cumulative exports of cereal preparations and milling products since January have remained high in comparison to 2022 (+ €1.4 billion, +10%), as have exports of fruit and vegetable preparations (+ €1.3 billion, +20%), confectionery and chocolate (+ €966 million, +16%). 

Concerning the export destinations compared to 2022, there has been a significant evolution for exports to Türkiye (€851 million, +34%), whereas EU exports to the US decreased by 8% (-€1 561 million), as well as to Egypt decreased by 35% (- €635 million) and  Algeria (‑20%, ‑ €502 million).

The top three destinations for EU agri-food exports between January and August 2023 remained the United Kingdom, the United States, and China.

Imports

EU imports increased by 5% in the month of August 2023 to reach €12.5 billion, still 15% below their level of August 2022. Nonetheless, cumulative imports from January to August 2023 reached €107.4 billion, showing a slight decline compared to the same period in 2022 (‑€3 billion, ‑3%).

Compared to 2022, imports decreased for oilseeds and protein crops (‑€2 billion, ‑12%), as well as for vegetable oils (‑ €1.9 billion, ‑27%). While both import volumes and prices declined for oilseeds (respectively 5% and 7% decrease), the reduction in EU import value of vegetable oils has been mostly driven by the price reduction.

2023 imports decreased mostly from Brazil (‑€1.3 billion, -10%, mostly soya beans) and from Argentina (‑ €1.2 billion, -27%, mostly soya meals). Declines were also recorded from Australia (- €870 million, ‑30%, mostly rapeseed) and Philippines (- €528 million, ‑47%, mostly coconut oil).

The top three import countries between January and August 2023 were Brazil, the United Kingdom and Ukraine.

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