EU agri-food imports and exports hit record levels in 2024, flags European Commission report
As US President Donald Trump’s global tariffs take effect, the European Commission releases its latest figures on imports and exports for 2024. These figures reveal that despite some global challenges and headwinds, EU agri-food imports and exports reached record levels. According to the EC report, the EU agri-food trade balance is largely positive at €63.6 billion (US$70.2 billion).
EU agri-food exports reached €235.4 billion (US$259 billion) in 2024, an increase of 3% compared to the peak in 2022 and 2023.
Western Europe and North America strengthened their places as key destinations of EU exports, representing respectively 31% and 15% of the EU export value. “However, EU export partners are otherwise well diversified and spread across all regions of the globe,” notes the report.
The UK remained the first destination of EU agri-food exports in 2024, representing 23% of EU exports. It had the second-largest increase in EU exports, up by 4%, compared to 2023.
EU exports to the UK are diverse and key destinations for many EU agri-food products. The main categories of EU exports to the UK in 2024 were cereal preparations and milling products (12% of EU export value), preparations of fruit, nuts and vegetables (8%), dairy products (7%), pig meat (7%), and confectionery and chocolate (7%).
The US was the second main destination of EU exports in 2024, with 13% of EU exports, primarily driven by an increase in the global prices of olives and olive oil exports, which went up €793 million (US$873 million) or 43%, coffee, tea, cocoa and spices increased by 28%, and wine and wine-based products jumped by €416 million (US$457 million) or 9%.
China was the third main destination of EU exports in 2024, with 6% of EU exports. However, trade with China registered the largest reduction, with a decrease of €1.3 billion (-9%) compared to 2023.
On the other hand, EU exports to Russia decreased by €762 million (US$838 million), while exports to Singapore also decreased by 14%, South Africa by 13%, and South Korea by 6%.
Imports rising
The report notes that the EU continues to trade with a broad range of trading partners and exports a diversified basket of products, contributing to the sector’s resilience.
Imports in agri-food also reached a new record level, growing by 8% to €171.8 billion (US$190 billion).
The report cites steep increases in the price of cocoa imports, coffee, fruits, and nuts as a key driver of import increases. Cereal exports went down due to lower prices and volumes, while the prices of other crops remained lower.
The UK, Ukraine, and Brazil were the most significant sources of imported goods, while Côte d’Ivoire, Ukraine, and Nigeria saw the most significant increases in exports to the EU. Imports from Russia declined by 46% due to lower imports of oilseeds and cereals, while Australia went down by €722 million (US$797 million), a 28% drop.
Brazil remained the first source of EU imports, accounting for 10% of the EU import value in 2024. Key imports from Brazil were oilseeds and protein crops worth €6.8 billion (US$7.5 billion) and coffee worth €5.2 billion (US$5.7 billion).
The UK was the second source of EU imports in 2024, with 9% of EU import value. The main imports from the UK included spirits and liqueurs worth €2.4 billion (US$2.6 billion), cereal preparations and milling products worth €1.8 billion (US$1.9 billion), mixed food preparations and ingredients worth €1.3 billion (US$1.4 billion) and dairy products worth €1.3 billion (US$1.4 billion).
Ukraine was the third source of EU agri-food imports in 2024, with 8% of EU import value.
Imports from Ukraine increased by 11% compared to 2023, up €1.3 billion (US$1.4 billion) to €13 billion (US$14.3 billion). This was mainly driven by increases in vegetable oils, seeds, and protein crops. Due to lower prices, imports of cereals declined by 12% in value but increased by 6% in volume.
