EU Becomes World's Top Food Exporter
EU Becomes World’s Top Food ExporterA report from the European Commission on the global farming market has revealed that the EU has beaten the US and become the world's top exporter of agricultural and food products.
In 2013, the 28 countries of the EU reportedly sold €120 billion in agri-food products, which was up 5.8 percent on the previous year, with cereals accounting for an impressive two thirds of this jump. With a market of 500 million people, the EU remained the world's biggest importer of farming and food products, with a level that was mostly unchanged from 2012 at €101.5 billion.
The EU's share of Chinese imports rose to 9.1 percent in 2013, primarily due to increased sales of malt extract for beer brewing, and pork. Ranking fourth after machinery, chemicals and pharmaceuticals, agricultural products in the EU contribute 9 percent of total bloc exports.
Back in 2010, the EU became a net-exporter of agricultural goods and has seen its trade surplus grow steadily in this sector ever since.
Agriculture and food exporting has become a key focal point in free trade talks between the US and EU that are due to conclude at the end of 2014, but losing their position as the top exporter will undoubtedly be an added worry for the US.