Solid Performance of European Agri-food Exports
The European Commission has published its monthly agri-food trade report that shows the total value of EU agri-food exports increased by 9% in May 2017 compared to last year. Monthly exports particularly increased for the US, China, Japan, Hong Kong, Russia and Korea.
Between June 2016 and May 2017, EU agri-food exports reached a value of €131.8 billion, corresponding to a sustained increase by 2.6%. Despite a reduction in pig meats exports in the March-May 2017 period, the export performance increased significantly over the last twelve months by 17%.
By sector, the highest export growth for May 2017 came in wine, infant food, fatty acids, and milk powders. Monthly values for EU agri-food imports also increased in May 2017 by 13% resulting in a total net trade balance of + € 675 million.
In light of the EU-Japan Economic Partnership Agreement, the report’s focus section zooms into the agri-trade relationship between the two partners. The agreement will be the most successful one ever achieved in agriculture, providing EU exporters with better opportunities. Already ranking as 4th biggest exporter to Japan, the EU is likely to become the most significant agri-trade partner for Japan with products such as pork meat, wine, cheese and spirits.
