EU agri-food trade balance reached its record level in 2023, according to the latest report published by the European Commission.
The report released by the European Commission indicates that the EU agri-food trade balance reached its record level in 2023. EU exports reached €228.6 billion, with EU imports at €158.6 billion in 2023, resulting in a total surplus of €70.1 billion (+22% and €12.8 billion higher than in 2022).
"This positive balance is mainly due to sustained high prices for EU export products paired with declining world prices for imported products," the report said.
Key drivers of EU exports included cereal preparations, dairy products, and wine. Regarding imports, the EU continues to experience a trade deficit in certain product categories such as oilseeds and protein crops, fruit and nuts and coffee, tea, cocoa, and spices.
With its renowned quality, competitiveness and high level of diversification, the European Union remains the top global trader of agri-food products.
EU agri-food exports reached €228.6 billion in 2023. The EU trades with a large number of countries, with the United Kingdom (UK) being the top destination for EU agri-food exports, accounting for 22% (€51.3 billion). The United States (US) remains the second destination of all EU agri-food exports, even though there was a slight decrease of EU exports there, in particular for spirits and liqueurs. China is still the third destination absorbing 6% of all EU agri-food export value.
However, exports of pigmeat to China decreased by 29% in 2023. EU agri-food exports to Türkiye (+€683 million, +7%) and Ukraine increased (+€533 million, +18%). Overall, EU agri-food trade remained diversified with an important number of partner countries.
Meanwhile, EU agri-food imports decreased by 7% in 2023, reaching €158.6 billion. This evolution of the value of EU agri-food imports is related to the evolution of prices of products imported.
