The monthly EU trade flows of agri-food exports and imports reached a record value of €36.5 billion in October 2022, according to the main findings of the latest monthly agri-food trade report published by the European Commission. The share of EU agri-food imports has increased, reaching €15.7 billion. This represents a 3% difference from the previous month. The commission said that while experiencing a slight monthly decrease, EU agri-food exports remain strong with a value of €20.7 billion. Overall, and in spite of increased imports, the EU trade balance remains positive at €5 billion. The latest monthly agri-food trade report also features a special focus on the evolution of production and consumption of wheat and maize in various regions of the world. In value terms, EU agri-food exports decreased by 1.2% month-to-month. The decrease of EU exports is mainly due to a drop in exports of spirits and liqueurs as well as for cheese and curd, according to the commission data. Notwithstanding this monthly decrease, EU agri-food exports to the US and the UK have never been higher. In the first 10 months of 2022, EU exports to the US reached €24.4 billion. This is 29% higher that the three-year average for the same period. Similarly, EU exports to the UK from January to October 2022, with a value of €39.5 billion, are 15% higher than in 2021. The Covid-19 pandemic and, more recently, the Russian invasion of Ukraine, jeopardized global food security and the livelihoods of millions of people around the world, the commission added. The European Commission has said that it is cooperating with partners at all levels to support efforts to bring food to those who need it the most and help affected farmers. For maize, the EU has a slight deficit in production compared to its consumption needs.
SLIGHT DROP IN EU AGRI-FOOD EXPORTS, INCLUDING CHEESE
