Trade in agricultural products in the EU is growing, marking an increase in the value of trade, especially imports. According to the report of the European Commission in May 2022, the EU’s agri-food trade reached a total value of 34.9 billion euros, an increase of 11% on a monthly basis and 32% compared to last year’s May. This increase in trade value is largely due to the surge in raw material prices, experts say. Exports were valued at 19.4 billion euros (+8% on a monthly basis and +21% compared to May 2021), with higher volumes of wheat and corn but lower volumes of other cereal exports.
Imports reached a value of 15.6 billion euros, 48% more than in last year’s May. In this case, the European Commission points out, inflation is compounded by a sharp increase in import volumes of maize and higher coffee and nut prices. Since the beginning of 2021, the EU’s agri-food trade balance has worsened, marking a decrease in the positive export balance from 4.5 to 3.8 billion.