EU Agri-Food Sector Sees Significant Trade Surplus Growth

The European Union's agri-food sector has seen a significant increase in its trade surplus in the first seven months of this year. According to the latest EU agri-food trade report, the sector's cumulative surplus stands at €30.1 billion, which is €2.9 billion higher than for the same period last year.

The growth in exports has been notable, with several countries recording significant increases in imports from the EU. Egypt saw a 22% increase in wheat imports, Ukraine recorded a 10% rise in spirits imports, and Turkiye experienced a 7% increase in veal and beef imports.

Other animal products have also seen a surge in exports, with an increase of €549 million, or 11%. Spirits and liqueurs rose by €470 million. However, some product categories have seen decreases, including coffee, tea, cocoa, and spices, which fell by €1.3 billion.

The report notes that exports to the Middle East have been impacted by blockages in the Strait of Hormuz from March, with exports to the United Arab Emirates down by 23% or €437 million. However, export figures were near average levels from June onwards.