Brussels: Europe and the Arabs
The European Commission in Brussels published the latest monthly trade report outlining developments in imports and exports of EU agri-food products in January 2024.
According to the main findings of the report, agri-food trade in the European Union showed positive growth.
The trade surplus reached €5 billion, 27% higher than in January 2023. Agri-food exports reached €18.4 billion, representing a 2% increase compared to January 2023.
On the export side, the UK remained the top destination for EU exports, accounting for 23% of exports with an increase in value of 8% compared to January 2023. Exports to the US also grew by 9%. Significant increases were observed in exports of olives and olive oil (+146%), mixed food preparations (+10%), and sugar and isoglucose (+152% by volume). Conversely, exports of vegetable oils (-43%) and dairy products (-7%) declined. Exports to China fell by 11%, mainly due to lower prices for some products such as grain preparations and pork.
On the import side, EU agri-food imports rose by 10% to €13.4 billion compared to December 2023 but remained 5% below January 2023 levels. Brazil and Ukraine were the largest import sources. Imports from Côte d'Ivoire increased by 83% mainly due to increased imports of cocoa products. A growth in imports of olives and olive oil was observed (+168%), while a decrease was observed in imports of cereals (-34%), oilseeds and protein crops (-14%), and vegetable oils (-25%).
These trade dynamics reflect ongoing market shifts and evolving trade relationships within the EU agri-food sector.