Posted on July, 20, 2018 at 10:52 am
By Susan Reidy
BRUSSELS, BELGIUM — With a drop in the value of imports in May, the E.U. reported a monthly agri-food trade surplus of €1.2 billion, up 23% compared to a year ago.
The value of exports in May were €11.2 billion while imports were €10 billion, according to the latest, according to the latest monthly trade report published by the European Commission. Export values were down 5.7% from last May, which was a record year. Import values were 8.4% lower compared to the previous year.
The highest increases in monthly export values in May 2018 compared to May 2017 were recorded for Morocco (up €36 million), Russia (increase of €25 million), South Africa (up €22 million) and Algeria (an added €20 million). Exports to China and the United States fell most, respectively down €196 million and €180 million.
For sectors, high export growths were recorded for spirits and vegetable oils, respectively an increase of €48 million and €22 million compared to 2017.
Wheat exports have experienced the most significant drop in value terms, down €999 million or 22% year over year. Cereals, other than wheat and rice, was down €179 million.
For E.U. agri-food imports, the value of May 2018 compared to May 2017 increased most for imports coming from Chile, Morocco, Tunisia and Egypt, respectively by €74 million, €67 million, €42 million and €39 million.
Decreases in imports by sector were most significant in oilseeds and palm oil (down by €139 million).
Source: WORLD-GRAIN.COM