In September 2024, the European Union (EU) reported EUR 19.6 billion in agri-food exports to third countries, reflecting a 5% increase compared to October 2024 but showing a 3% decline when compared to the same month in 2023.
This performance is part of a broader trend for the first nine months of the year, with total agri-food exports reaching EUR 175.5 billion, up 2% compared to the same period in 2023. While certain sectors face challenges, the EU's agri-food industry remains a key global player.
Wine Exports: A Key but Challenged Sector
Among the EU's agri-food exports, wine and wine-based products continue to be a prominent category, despite a 3% decline compared to the first nine months of 2023. Wine exports amounted to EUR 12.6 billion, positioning it just behind dairy exports, which totaled EUR 14.6 billion (-2%). Wine remains a vital part of European agri-food exports, signifying its global influence, despite facing minor setbacks in the market.
Growth in Emerging Categories: Olives, Olive Oil, and Coffee
While some categories have experienced setbacks, others have shown remarkable growth. The olives and olive oil sector, for example, grew by an impressive 54% in the first nine months of 2024, reaching EUR 5.5 billion in exports. Similarly, the coffee, cocoa, and spices sector saw a notable 29% increase, with exports totaling EUR 7.7 billion.
The preparations and ingredients for food preparation sector also demonstrated resilience, with an 8% growth, reaching EUR 12.1 billion in exports. These emerging product categories highlight the EU’s ability to diversify and adapt in the face of shifting global markets.
The UK, USA, and China: Leading Markets for Italian Agri-Food Exports
The United Kingdom, now a “third country” following Brexit, remains the top destination for Italian agri-food exports, with EUR 39.6 billion in exports for the first nine months of 2024, marking a 3% increase from the previous year. The USA follows closely, with EUR 22.3 billion in exports, reflecting an 11% growth, while China rounds out the top three, with EUR 10.3 billion, despite a slight decline of 8% from 2023.
Increasing Imports Reflect Growing Global Demand
While EU agri-food exports are on the rise, imports have also increased, reaching EUR 124.9 billion in the first nine months of 2024, marking a 4% increase compared to the same period in 2023. Among the most imported products by value are coffee, cocoa, and spices, at EUR 21 billion (+36%), fresh and dried fruits, which totaled EUR 18.2 billion (+8%), and oilseeds and protein products, valued at EUR 14.3 billion (-12%).
Positive Trade Balance in Agri-Food Sector
The EU's agri-food sector continues to maintain a positive trade balance, with a surplus of EUR 50.5 billion in the first nine months of 2024, in line with the figure reported in September 2023. This surplus underscores the EU's competitive edge in the global agri-food market and its capacity to meet both export and import demands, ensuring long-term sectoral health.
Conclusion
Despite challenges in certain sectors, such as wine exports, the European Union's agri-food industry remains a resilient force in global trade. The 2% growth in overall exports and the emergence of new growth areas like olives, olive oil, and coffee highlight the EU's adaptability. Furthermore, the continued strength of markets such as the UK, USA, and China, combined with increasing imports, solidifies the EU’s position as a key player in global agri-food trade. Looking ahead, the sector's positive trade balance suggests a bright future for European agri-food exports.
Source: WineNews