EU agri-food trade surplus continued to further grow in November 2023

26 February 2024

In November 2023, the EU’s agri-food trade surplus continued its upward trend, reaching €6.9 billion, marking a 3% increase from the previous month and a substantial 27% rise compared to November 2022, the European Commission says. The cumulative trade balance for January to November 2023 soared to €64.8 billion, surpassing the same period in 2022 by €12 billion.

Notably, EU agri-food exports in November totaled €20 billion, with significant growth seen in processed products like cereal preparations and fruit and nut preparations. While cereal preparations and milling products increased by 7%, some sectors experienced declines, such as a 14% decrease in cereal exports attributed to lower prices despite increased volumes. Key export destinations included the United Kingdom, the United States, and China, with notable increases in exports to Türkiye and Ukraine.

Conversely, agri-food imports in November 2023 amounted to €13.1 billion, down 16% from November 2022, with cumulative imports for January to November totaling €146.1 billion, 7% lower than in 2022. While imports from Brazil decreased by 13%, those from the United Kingdom saw a slight increase, and Türkiye and Egypt witnessed notable increases in cereals, fruits, nuts, and vegetables.