EU: record agri-food trade in 2023, with a drop in import prices

EU record agri food trade in 2023 with a drop in

(Finance) – Based on strong performance of EU agri-food trade in 2022the latest report from the European Commission indicates that the EU’s agri-food trade balance reached a record high in 2023. EU exports reached 228.6 billion euros, of which 158.6 billion euros of imports, giving a total surplus of 70.1 billion euros (representing an increase of 22%/12.8 billion euros compared to 2022).
This positive balance is mainly due to persistently high prices of products exported from the EU and the decline in world prices of imported products. The main drivers of EU exports were cereal preparations, dairy products and wine. As for theand imports, the EU continues to record a trade deficit in some product categories, such as oilseeds and protein crops, fruits and nuts, coffee, tea, cocoa and spices. Thanks to its recognized quality, its competitiveness and its high level of diversification, the European Union remains the world’s leading trader of agri-food products.

The top three destinations of EU agri-food exports in 2023 were ithe United Kingdom, followed by the United States and China. The three main countries of origin of EU agri-food imports are Brazil and the United Kingdom, followed by Ukraine. The report states that while import levels from Ukraine vary across product groups, the overall level of imports has returned to 2021 levels.