The European Commission has released a new report indicating that in 2023, the European Union achieved a record high in its agricultural food product trade balance. The favorable trade balance that began in 2022 intensified last year, reaching an all-time peak according to the commission's findings.
Last year saw the EU's exports of agricultural food products total €228.6 billion, while imports were at €158.6 billion, creating a surplus of €70.1 billion. This marked a 22% rise and an increase of €12.8 billion over 2022. This surplus was largely driven by consistently high prices for EU-exported products and falling prices for imported products globally. Major exports included grains, dairy products, and wine, while the EU continued to experience deficits in trading certain products like oilseeds, protein plants, fruits and nuts, as well as coffee, tea, cocoa, and spices. With its commitment to quality, competitiveness, and diversity, the European Union maintains its status as the leading global trader in agricultural food products.
In 2023, the EU exported a diverse array of products, with three categories making up nearly 30% of all EU agricultural food product exports. The primary categories included grain products and milling by-products; dairy items; and wine and related products. The export value of fruits, nuts, and vegetable products showed the largest increase in 2023, rising by €1.3 billion (12%) compared to the previous year. This was followed by increases in grain derivatives and milling products (up €1.2 billion, 5%) and confectionery including chocolate (up €1.2 billion, 12%).
Throughout the previous year, there was a 7% decline in imports, which amounted to €158.6 billion. This decline in the EU's import value of agricultural food products relates to the pricing trends of these imported goods. Brazil remained the top origin for imports, contributing to 11% of the EU's agricultural food product imports. The UK maintained its position as the second-largest source, with imports remaining stable. Ukraine ranked third, with its imported agricultural and food products valued at €11.8 billion, making up 7% of the EU's total imports. Import trends from Ukraine fluctuated throughout 2023 but reverted to 2021 levels by year's end. In total, the top three import origins represented 28% of all imports, and the EU imported from 30 countries products valued at over €1 billion each, demonstrating the diversity of the EU's agricultural food product import sources.
Notably, imports from Turkey saw the most substantial increase (up €999 million, 18%), followed by Egypt (up €566 million, 41%). Significant shifts also included a decrease in products from Argentina (down €2.3 billion, -33%), China (down €1.5 billion, -15%), and Indonesia (down €1.3 billion, -19%).
In 2023, the EU primarily imported from three product categories, which comprised 40% of total EU agricultural food product imports: 1) fruits and nuts, 2) oilseeds and protein plants, and 3) coffee, tea, cocoa, and spices. These categories accounted for €21-22 billion and represented 13-14% of EU imports. The import values of tobacco products (up €1 billion, 27%) and vegetables (up €793 million, 16%) saw the most significant rises in 2023.
