EU

EU agri-food trade eases in November 2024 after October peak

In November 2024, EU agri-food exports reached €20.1 billion, remaining stable compared to the same month in 2023. Cumulative exports between January and November 2024 rose by 3% to €217.2 billion. Imports also grew significantly (+7%), reaching €156.6 billion in the period January-November driven by increasing demand and higher prices for products like cocoa and coffee. These are the main findings of the latest monthly agri-food trade report published today by the European Commission.

Posted on Mar 07 ,00:10

Exports

EU agri-food exports in November 2024 reached €20.1 billion, down 7% from October’s peak performance, but consistent with November 2023 levels. Cumulative exports for the year reached €217.2 billion, marking a +3% growth compared to 2023.

The United States and the United Kingdom recorded the largest increases in EU exports between January and November 2024, driven by strong demand for products like olive oil and a variety of goods.

Coffee, tea, cocoa, and spices exports saw the largest increase in value (+€2.4 billion, +32%), led by cocoa paste, butter and powder (+€1.6 billion, +84%), driven by higher prices (+62%) and volumes. Olive oil exports also rose by €2.1 billion (+45%), primarily due to sustained high prices, which have recently started returning to 2023 levels. On the other hand, EU cereals exports had the largest reduction in value, with a decrease of €2.4 billion in value (-18%), mainly explained by a reduction in prices (-14%).

Imports

EU agri-food imports remained strong in November 2024, reaching €15.5 billion, which is 5% lower than October but still 18% higher year-on-year. Cumulative imports for the year increased by 7%, driven by high prices and growing import volumes.

Côte d’Ivoire recorded the largest increase in EU imports (+€2.3 billion, +61%), driven by rising cocoa prices. Ukraine saw the second largest increase (+€1.3 billion, +13%), driven by higher imports of vegetable oils (+€858 million) and oilseeds (+€684 million). Imports of coffee, tea, cocoa, and spices increased overall by €8.4 billion (+44%) from January to November 2024, driven by higher cocoa and coffee prices and rising volumes. On the other hand, cumulative imports of cereals had the largest reduction, with a decrease of €1.9 billion compared to 2023 (-17%), primarily explained by reduced prices (-14%), while imported volumes decreased by 3%.

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