Despite the difficult global economic climate, European companies have continued to make good use of the opportunities created by the European Union’s trade network – the largest in the world. In 2018 this network covered 31% of Europe’s trade exchanges, a figure that is set to rise significantly (to almost 40%) as more trade agreements enter into force, according to the European Commission’s annual report on the implementation of trade agreements released today. Overall, trade accounts for 35% of the EU’s gross domestic product (GDP).
A 12.6% increase compared to last year, EU agri-food exports reached €13.07 billion for July 2019, another monthly record. Imports also increased to €9.92 billion, resulting in a 40% rise of the positive trade balance compared to July 2018, reaching €3.15 billion. These are among the main findings of the monthly trade report published today by the European Commission.
The European Union (EU) is the largest partner for trade in goods with Africa, ahead of China, India, the United States and the United Arab Emirates.
Original Title: Deux ans après son entrée en application, l’accord commercial entre l’UE et le Canada confirme ses bénéfices
The first estimate for euro area (EA19) exports of goods to the rest of the world in July 2019 was €206.5 billion, an increase of 6.2% compared with July 2018 (€194.5 bn). Imports from the rest of the world stood at €181.7 bn, a rise of 2.3% compared with July 2018 (€177.6 bn).
Due to two major developments in the past two decades at a global level – income growth and changes in consumer preferences -, food consumption has been growing at a faster pace than world population. These developments have resulted in a consumption increase of products of higher value (such as meat and dairy products) in emerging economies. In parallel, rising societal and environmental concerns in developed economies have influenced consumer preferences, leading to lower red meat consumption for example.
In 2018, the EU agri-food trade reached a value of 254 billion – €138 billion of exports and €116 billion of imports. This means that the EU confirms for yet another year its position as largest global exporter and now second (previously first) importer of agri-food products.
In a report published today, the EU confirms for yet another year its position as largest global exporter of agri-food products, with EU exports reaching €138 billion in 2018.