Value of EU wheat exports plummets €1.5 billion in 2017: EC

The value of the EU’s annual wheat exports dropped 27.5% in 2017, with exporters missing out on €1.52 billion of sales compared to the year before, data from the European Commission showed Tuesday.

EU exporters received €4.03 billion during 2017, down from €5.55 billion in the 2016.

December 2017 wheat exports totalled €347 million, 17.4% lower than during December 2016.

The biggest drop off in sales was seen in some of the EU’s major traditional wheat buyers, with total agriculture exports to Egypt dropping 25% year-on-year to EUR 1.35 billion and exports to Saudi Arabia falling 11.6% to 4.04 billion.

EU sellers have struggled to match previous export volumes in the 2017/18 marketing year, with a stronger euro and increased competition from the likes of Russia and Argentina dampening sales on the international stage.

Intra-EU demand in the feed sector has managed to pick up some of the slack, although the drop off in sales has been palpable.

The latest export data from the EU showed wheat exports down 19% on the same stage of last year at 12.84 million mt, with major exporters Germany, Poland, Bulgaria, and Romania all showing a year-on-year fall in export volumes.