The agricultural trade in the European Union is anticipated to expand in the upcoming year, rising to 401.5 billion euros and showing a positive trade balance of 58 billion euros.
According to a research by the European Commission, agricultural commodity prices may continue to climb globally, and trade in these products has not slowed down and may even be growing. Given that exports climbed by 31% in the previous year and imports increased by 32% compared to 2021, the EU has a lucrative potential to expand export income.
Numerous member nations of the EU are strongly dependent on agriculture for their livelihoods, making the agricultural sector a crucial part of their economies. With a positive trade balance suggesting that the EU is selling more than it is importing, the predicted rise in trade significantly boosts the economies of these nations.
In the upcoming year, the European Union’s agricultural sector is expected to play a significant role in the global market due to the possibility of even higher global prices and the continuous demand for agricultural products.
Source: https://agriculture.ec.europa.eu, Photo: https://www.pexels.com/photo/roofed-local-fruits-and-vegetables-market-6152382/
17 April 2023
