EU agri-food trade surplus remains strong in August 2024

The latest agri-food trade report published by the European Commission showed that in August 2024, the EU agri-food trade surplus reached €5.2 billion, despite a slight decrease compared to July 2024. The surplus from January to August 2024 amounted to €44.8 billion, which is €431 million higher than the same period in 2023 thanks to the strong export performance in the beginning of the year.

EU agri-food exports reached €18.6 billion in August 2024, down 10% from July but 1% higher than August 2023. Cumulative exports from January to August rose to €155.8 billion, a +2% increase compared to the same period in 2023.

EU agri-food imports reached €13.4 billion in August 2024, down 8% from July 2024 but +23% higher than August 2023. Cumulative imports from January to August added up to €111 billion, a +3% increase compared to the same period in 2023.

The Commission also published a new study examining the evolution of EU agri-food trade since the implementation of the EU-Canada Comprehensive Economic and Trade Agreement (CETA) and the EU-Japan Economic Partnership Agreement (EPA). For CETA, both European and Canadian exports grew at similar rates after the agreement started to be provisionally implemented, resulting in a positive trade balance for the EU agri-food sector of €2.1 billion in 2023. EU exports with a preferential access to the Canadian market saw an estimated increase of 14% in market shares (corresponding to an additional €400 million for EU exports). For the EPA with Japan, EU exports with a preferential access have grown by an estimated €267 million since the EPA came into force, reaching a +4% growth in market share of EU agri-food exports in the Japanese market. The EU agri-food sector had a positive agri-food trade balance with Japan worth €9.1 billion in 2023.

More insights as well as detailed tables are available below in the latest edition of the monthly EU agri-food trade report.

Share this article: