Illustration (Photo: s_oleg/shutterstock.com)
The latest data on trade in agricultural and food products in the EU, published three days ago, show that the total value of trade in agricultural and food products in the EU in April 2022 reached a value of EUR 31.4 billion, which represents an increase of 14% compared to April 2021. Exports of agricultural products from the EU has decreased by 5.4%, chiefly due to lower exports to Russia (-26%) and China (-11%).
Imports of agricultural products from the EU has reached a value of EUR 13.5 billion (1.2% less than in March), which represents a trade balance of agricultural and food products of EUR 4.4 billion for April 2022. This is a decrease of 16% on on a monthly basis.
Overall, trade flows from January to April 2022 are significantly higher compared to the same period last year, with exports increasing by 10% and imports by 28% due to high prices worldwide.
The impact of the Russian invasion on Ukraine
The latest report also focuses on the impact of Russia’s invasion of Ukraine on agribusiness in April 2022. Consequently, corn imports from Ukraine fell dramatically in March and April (-35% over one year), as did imports from Serbia (-77 ).
Corn imports from the the United States, Canada, Moldova and Brazil partially compensate for this supply chain disruption.