A number of factors ranging from the Russian embargo to price volatility has put enormous pressure on already struggling EU agricultural markets. The Russian ban cost many European farmers their main export market overnight, worth €5.5bn.
The European Commission has managed to open new export outlets and EU agri-food exports have since increased. According to the latest Eurostat data, the annual value of EU agri-food exports in 2016 reached a new record level of €130.7bn.
The US and China are the bloc’s main trading partners, but new Asian markets have emerged, such as Japan, Vietnam, and Korea. In 2017, remarkable gains were also recorded in Philippines, Singapore and Indonesia.
However, EU farmers believe that this has not yet translated into more money in their pockets.