EU agri-food exports reached €19.4 billion in February 2024 which was a 5% increase on the previous month and 4% higher than February 2023.
That is among the findings of a new report from the European Commission which shows that exports in the first two months of 2024 were worth €37.7 billion, up 3% on same period last year.
The EU agri-food trade surplus stood at €6.2 billion in February 2024, an increase of 24% compared to the previous month and 17% higher than in February 2023.
Agri-food exports
EU exports of olives and olive oil increased the most compared to 2023 (up 58% or €438 million), mainly due to increased prices.
Exports of mixed food preparations and ingredients also increased by €232 million (+10%),driven by price and volume growth.
The EU also exported higher volumes of cereals (+36% in wheat), sugar and isoglucose in February.
The exports of dairy products remain strong but their value decreased by 5% or €149 million because of lower prices.
The UK remains the first destination for EU exports with higher volumes of beer, cider and other beverages, pig meat and preparations of fruit and nuts being exported.
The second destination is the US with EU exports there increasing by 9% compared with the same month last year.
Exports to Japan grew by 11%, mainly due to larger exports of tobacco products. While remaining at a high level, EU agri-food exports to China (-13%) and Russia (-22%) decreased.
Imports
The value of EU agri-food imports reached €13.2 billion in February, a slight decrease of 2% compared to the previous month and a similar level to February 2023.
The report said that this was mainly due to reduced prices across many product categories
Cumulative imports from January to February reached €26.5 billion, which is back by 3% or €946 million on the same period in 2023.
Imports in the coffee, tea, cocoa and spices category had the largest increase (up €784 million) due to increased prices and volumes of cocoa products.
Imports of fruit and nuts also grew by €425 million and olives and olive oil imports were up €205 million.
The report shows that omports of cereals declined by €913 million, due to a reduction in imported volumes and prices.
Imports of oilseeds and protein crops were down by €832 million because of reduced prices.
Imports from Argentina, Australia, Canada, Indonesia and Ukraine decreased due to lower imported volumes and prices for certain goods.
On the other hand, imports from Côte d’Ivoire, Egypt, Morocco, Tunisia and Türkiye went up, driven by cocoa products and fruit and nuts.