FDBusiness.com

The European Commission’s latest monthly trade report shows that European agri-food exports remain strong for August 2017 further increasing the trade balance to €2.4 billion. The European agri-food exports rose to €11.5 billion in August 2017, an 8% increase compared to July 2017.

Highest increases of monthly exports were again towards Russia and the USA, with respectively an added €153 million and €108 million compared to 2016. By sector, exports of wine and vermouth and milk powders have increased the most with respectively an extra €130 million and an added €123 million compared to last year. EU agri-food imports have also increased by 4% compared to the same time last year, resulting in a surplus of €2.4 billion in the agri-food trade balance.

This month’s report focuses on agri-food trade with Russia. After an initial drop, both in banned products and non-banned products, EU exports of non-banned products to Russia resumed growth and reached € 6 299 million in the period September 2016 to August 2017, which represents an increase in value by 14% compared to the previous period. This brings back Russia now to be the 4th biggest export destination for EU agri-food products, just before Japan.