Exports and imports of agri-food products increased in January 2024

In January 2024, exports reached €18.4 billion that month, partly due to increased prices of olives, olive oil, and cereal preparations. Imports were worth €13.4 billion. As a result, the EU agri-food trade surplus reached €5 billion, a 27% increase from January 2023. These are the main findings of the latest monthly agri-food trade report published today by the European Commission.

Exports

The €18.4 billion of export value reached in January 2024 represents a 2% increase compared to January 2023.

The top three destinations for EU agri-food exports in January 2024 remained the United Kingdom (UK), the United States (US), and China. The UK accounted for 23% of export value and witnessed the largest increase in EU exports compared to January 2023 (+€304 million, +8%). Exports to the US saw a 9% increase compared to January 2023 (+€179 million). On the other hand, EU exports to China decreased by 11% (‑€141 million).

In terms of exported products, EU exports of olives and olive oil increased significantly in value compared to January 2023 (+€175 million, +146%), with mixed food preparations and ingredients also seeing a 10% increase. Compared to January 2023, sugar and isoglucose exports also saw a 152% increase in volumes, mainly in white sugar. Furthermore, cereal exports increased in volume and value, while vegetable oil exports decreased by 43% and dairy products exports decreased by 7%. Despite these changes, dairy products remain the second most exported product category.

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Imports

In January 2024, EU agri-food imports reached €13.4 billion in January, marking a 10% increase in value from the previous month, but still -5% below January 2023 due to reduced prices across product categories.

Brazil remained the EU’s top source, accounting for 10% of total imports, with a small increase of €23 million (+2%). Ukraine followed, accounting for 10%, despite a 2% reduction in import value compared to January 2023. Finally, the UK also contributed 10%, despite a reduction of ‑€57 million (‑5%).

In terms of imported products, olives and olive oil imports increased by €80 million (+168%) while cereal imports declined by -34% (‑€472 million). Cocoa product imports also increased, while oilseeds, protein crops, and vegetable oils decreased.

More information: Directorate-General for Agriculture and Rural Development