In October 2024, the European Union’s agri-food trade sector experienced significant growth, with exports reaching a record high of €21.7 billion and imports totaling €16.2 billion. Compared to the previous month, exports increased by 10% while imports saw a 19% rise. When looking at the cumulative data from January to October, imports showed a 6% increase and exports grew by 3%.

The surge in EU agri-food exports in October 2024, which were 8% higher than the same period in 2023, can be attributed to both increased export volumes and sustained high prices that have been observed since 2022. The total cumulative exports for the year amounted to €197.3 billion, marking a 3% increase compared to the previous year.

Throughout the first ten months of 2024, the United Kingdom and the United States continued to be the top destinations for EU agri-food exports, with values of €44.9 billion and €25.1 billion, respectively. However, exports to China experienced a decline of €937 million (-8%), primarily due to reduced shipments of cereals, pigmeat, and dairy products.

On the import side, EU agri-food imports in October 2024 showed a 21% increase compared to the same period in 2023. This growth was driven by higher import volumes and prices, which were approaching levels seen in 2022. The cumulative imports from January to October amounted to €141.1 billion, representing a 6% increase compared to 2023.

Despite a 3% decline in imports from Brazil, which remained the largest import partner at €14.4 billion, mainly due to lower oilseed prices and cereals volumes, imports from Côte d’Ivoire experienced a significant increase of €2 billion (+60%). This growth was primarily driven by rising cocoa prices. Conversely, imports from Australia and Russia saw the largest reductions during this period.

The European Commission reported these statistics on January 24, 2025, highlighting the continued growth and resilience of the EU agri-food trade sector. The information was sourced from the official European Union website for agriculture.

In conclusion, the EU agri-food trade sector demonstrated robust performance in October 2024, with record-high exports and imports. The growth in exports was driven by increased volumes and sustained high prices, while imports saw a surge due to higher volumes and prices approaching levels seen in 2022. Despite challenges in certain markets, such as the decline in exports to China and reductions in imports from Brazil, the overall outlook for the EU agri-food trade sector remains positive. The European Union continues to be a key player in the global agri-food market, with strong trade relationships with countries like the United Kingdom, the United States, and emerging partners like Côte d’Ivoire.