According to recent data released by the European Commission, the European Union’s agri-food exports grew by 3% in 2024, reaching 235.4 billion euros, a significant increase of 6.6 billion euros compared to the previous year.
EU agri-food imports also hit a record level of 171.8 billion euros in 2024, representing an 8% increase from 2023 (an additional 12.4 billion euros) and slightly surpassing the record set in 2022.
The United Kingdom remained the primary destination for EU agri-food exports in 2024, accounting for 23% of the total exports (53.9 billion euros). The United States followed as the second-largest destination, representing 13% of EU exports and showing the largest year-on-year increase (+3.3 billion euros, 12%) compared to 2023.
Exports to China, the third-largest destination holding a 6% share, decreased by 1.3 billion euros (-9%) compared to 2023.
Sales of agri-food products to Russia also saw a decline of 11%, equating to 762 million euros in 2024, marking the second-largest reduction after China.
Regarding EU imports, the bloc continued to receive agri-food products from a diverse range of trade partners, with Brazil, the United Kingdom, and Ukraine being the main sources.
Brazil remained the top source for EU imports, contributing 10% of the total value in 2024, with the imports reaching 17.4 billion euros with a 1% increase (210 million euros) compared to 2023.
The United Kingdom was the second-largest source of EU imports in 2024, making up 9%, amounting to 15.4 billion euros, a 1% decrease (-128 million euros). Ukraine ranked third, with agri-food products from the country witnessing a year-on-year increase of 11% (1.3 billion euros).
In 2024, the EU continued to export a diverse basket of products, leading with cereal-based preparations, dairy products, and wine.
The values of olives and olive oil, along with cocoa products, saw the most significant increases due to a strong rise in prices, while cereal exports declined due to reductions in prices and volumes.
The main categories of products imported by the EU in 2024 included arable crops like cereals, oilseeds, and pulses (28% of EU imports), fruits and vegetables (24%), and coffee, tea, cocoa, and spices (18%).
The market dynamics continued to be influenced by the tariffs imposed by former U.S. President Donald Trump on United States’ trade partners and the retaliatory measures announced by China, with the EU expected to announce its decision on these matters this Wednesday.
