The EU’s agri-food trade surplus reached in April 2024 €5 billion ($5.43 billion), still 4 percent higher than in April 2023, despite a 25 percent reduction compared to the previous month. Exports reached €19.8 billion ($21.5 billion), mainly due to increased prices of olives and olive oil. Imports represented €14.8 billion ($16 billion). Close to 45 percent of EU imports are composed of a few product categories: coffee, tea, cocoa, and spices; fruit and nuts; and oilseeds and protein crops. These are the main findings of the latest monthly agri-food trade report published by the European Commission.
EU agri-food exports reached €19.8 billion in April 2024, close to their value of the previous month but 10 percent higher than April 2023. Cumulative exports since January reached €77.8 billion.
Exports to the U.S. increase the most
Exports to the United States increased the most, by €829 million, largely explained by the high price of olives and olive oil. These products are driving total EU agri-food exports with an increase of 62 percent in value compared with 2023.
Overall, the EU exports a variety of products. Cereal preparations and milling products, dairy products, and wine and wine-based products represent 25 percent of the EU’s total agri-food export value. In terms of volumes, exports of sugar and isoglucose doubled compared to the same period last year, while exports of cereals went up by 2.6 million tonnes.
EU agri-food imports reached €14.8 billion in April, a 10 percent increase from the previous month mainly explained by the high prices of cocoa. Cumulative imports from January to April 2024 are worth €54.9 billion, stable with the same period in 2023.
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Reduction in cereal and oilseed imports
Imports of cereals had the largest reduction, with a decrease of €1.5 billion (-33 percent), due to a reduction in imported volumes and world prices. A similar decrease worth €1.3 billion was observed for oilseeds and protein crops because of lower prices.
Côte d’Ivoire and Nigeria benefitted the most from higher EU import values of cocoa. Compared to 2023, the EU reduced its imports from Indonesia (mainly palm oil) and from Australia (mainly rapeseed).
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