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EU Saw Record Agri-food Surplus in 2023

Belgian farmers stand next to their tractors during a protest on the day of an EU agriculture ministers' meeting in Brussels, Belgium, March 26. REUTERS/Yves Herman
Belgian farmers stand next to their tractors during a protest on the day of an EU agriculture ministers' meeting in Brussels, Belgium, March 26. REUTERS/Yves Herman
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EU Saw Record Agri-food Surplus in 2023

Belgian farmers stand next to their tractors during a protest on the day of an EU agriculture ministers' meeting in Brussels, Belgium, March 26. REUTERS/Yves Herman
Belgian farmers stand next to their tractors during a protest on the day of an EU agriculture ministers' meeting in Brussels, Belgium, March 26. REUTERS/Yves Herman

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.

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Iran's Rial Hits a Record Low, Battered by Regional Tensions and Energy Crisis

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
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Iran's Rial Hits a Record Low, Battered by Regional Tensions and Energy Crisis

An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)
An Iranian trader counts money in Tehran's Grand Bazaar. (Reuters)

The Iranian rial on Wednesday fell to its lowest level in history, losing more than 10% of value since Donald Trump won the US presidential election in November and signaling new challenges for Tehran as it remains locked in the wars raging in the Middle East.

The rial traded at 777,000 rials to the dollar, traders in Tehran said, down from 703,000 rials on the day Trump won.

Iran’s Central Bank has in the past flooded the market with more hard currencies in an attempt to improve the rate.

In an interview with state television Tuesday night, Central Bank Gov. Mohammad Reza Farzin said that the supply of foreign currency would increase and the exchange rate would be stabilized. He said that $220 million had been injected into the currency market, The AP reported.

The currency plunged as Iran ordered the closure of schools, universities, and government offices on Wednesday due to a worsening energy crisis exacerbated by harsh winter conditions. The crisis follows a summer of blackouts and is now compounded by severe cold, snow and air pollution.

Despite Iran’s vast natural gas and oil reserves, years of underinvestment and sanctions have left the energy sector ill-prepared for seasonal surges, leading to rolling blackouts and gas shortages.

In 2015, during Iran’s nuclear deal with world powers, the rial was at 32,000 to $1. On July 30, the day that Iran’s reformist President Masoud Pezeshkian was sworn in and began his term, the rate was 584,000 to $1.

Trump unilaterally withdrew America from the accord in 2018, sparking years of tensions between the countries that persist today.

Iran’s economy has struggled for years under crippling international sanctions over its rapidly advancing nuclear program, which now enriches uranium at near weapons-grade levels.

Pezeshkian, elected after a helicopter crash killed hard-line President Ebrahim Raisi in May, came to power on a promise to reach a deal to ease Western sanctions.

Tensions still remain high between the nations, 45 years after the 1979 US Embassy takeover and the 444-day hostage crisis that followed. Before the revolution, the rial traded at 70 for $1.