The European Commission's Agri-Food Report 2024 shows that both exports and imports in the sector have reached a record high. Despite ongoing global challenges, the report describes several positive developments. The EU's agri-food trade balance is largely positive at €63.6 billion.

On an annual basis, cumulative EU agri-food exports increased by 3% (+€6.6 billion), reaching €235.4 billion. The United Kingdom remained the top destination for EU agri-food exports in 2024, accounting for 23% of EU exports (€53.9 billion). Exports to Russia and China, however, decreased.

While cereal derivatives (EUR 24.8 billion, 11%), dairy products (EUR 19.7 billion, 8%) and wine (EUR 17.4 billion, 7%) led the list of sector products, olives and cocoa products had the largest increases in value, largely due to soaring prices.

Agri-food imports also reached a new record high, growing by 8% (+12.4 billion euros) to 171.8 billion euros. This was mainly driven by a sharp increase in the price of cocoa imports, as well as coffee and fruit and nuts. For their part, cereal exports decreased due to lower prices and volumes. The United Kingdom, Ukraine and Brazil remain the main sources of imported goods. Côte d'Ivoire, Ukraine and Nigeria recorded the most significant increases in exports to the EU. Imports from Russia (-865 million euros, -46%) and Australia (-722 million euros, -28%) decreased.

Attached to this EFA News is the full text of the report on the European Union's foreign agri-food trade.