The Spanish meat export trade is in first place in terms of economic importance, with 10,299 million euros of the total agri-food exports, which have amounted to a total of 70,431 million euros in 2023. These are the data extracted from the Annual Foreign Trade Report 2023 of the Ministry of Agriculture, Fisheries and Food.
According to Eurocarne, in second place would be fruits with 9,977 million euros and vegetables with 8,864 million euros, completing the winning trio. According to MAPA data, the meat group has not stopped increasing in the value of its exports since 2014, maintaining relative stability in the import chapter. This has led to this group experiencing a striking growth in its balance during the period analysed, going from a positive balance of €3,020 million in 2014 to €8,328 million in 2023.
Uncertain geopolitical situation although economically stable
As highlighted in the Report, in 2023 the global geopolitical situation has once again had a decisive importance on the evolution of merchandise trade. The war started by the Russian invasion of Ukraine, which occurred at the end of February 2022, has remained active since then, causing significant effects on the European and global economy. In the agri-food sector, which is particularly important as these are two major global producers of agricultural products, the Black Sea Grain Export Initiative, an agreement reached between the United Nations (UN), Turkey and Russia to allow the export of Ukrainian agricultural products through a safe maritime humanitarian corridor in the Black Sea, was essential to maintaining trade.
It is important to remember that, as a measure to support Ukraine, the European Union established the suspension of tariffs and quotas on the import of certain Ukrainian agricultural products from June 2022 through Regulations (EU) 2022/870 and 2023/1077.
The International Monetary Fund’s forecasts for 2023, released in April 2024, are determined by the growing geopolitical fragmentation, which will limit the growth of the world economy in the next two years. The IMF also believes that there are positive factors, such as the rebound of the Chinese economy after its reopening, the normalization of supply chains and the gradual easing of tensions in energy prices and inflation.
According to the IMF, global GDP growth will remain stable over the next two years, with an estimated year-on-year increase of 3.2% in both 2024 and 2025.
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