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Wednesday, 07 July 2010

EU Agricultural Trade: Back on Track?

Recent developments in agricultural trade, particularly in EU trade and its performance compared to other major world players is the subject of the latest MAP. The EU remains the leading trading bloc in the world. Alongside the US it is the leading exporter of agricultural products and remains by far the world’s biggest importer. In this newsletter by DG Agriculture of the European Commission, the impact of the recent economic crisis on trade is considered. Trade has played a key role in boosting global economic growth for decades. In recent years we have seen spectacular growth in world agri-trade before the recession. This growth has been helped by the fact that many businesses are increasingly organising their production along global production chains. In 2009 the economic crisis took its toll with a sharp decline of 13% in the value of global agricultural trade. After several years of consecutive growth, EU agricultural trade also went into reverse. Exports suffered an 8% drop in value compared to 2008, as opportunities for EU exporters were limited by the economic slowdown in key markets. Exports to Russia, the EU’s second biggest market, fell by 21%, while sales to the US, still our top market, fell by over 8%.

Source: European Commission