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Agricultural trade in 2012: A good story to tell in a difficult year?
Story Date: 5/24/2013
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Source: EUROPEAN COMMISSION, May 2013
In 2012, the EU hit a new record in agricultural trade surplus: €12.6 billion. While its imports hardly budged, the exports put the EU just inches behind the US in the ranking of world top agricultural exporters. The increase in exports and a resulting all-time high surplus indicate that the growth in demand for EU products is essentially driven by export markets (especially developing economies) rather than by the economically depressed EU domestic market. In addition, depreciation of the Euro against major currencies has also helped the EU to boost its sales.
The EU also hit a new record in sales to its top partner, the US, which accounted for some 13% of EU total agricultural exports. Although in 2012 the largest absolute gain in exports was achieved in the US, the fastest growing markets were China and Saudi Arabia.
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