EU agricultural trade surplus holds as steel consumption rises on temporary import boost

The European Union recorded a €15.6 billion surplus in agricultural and food products from January to April 2026, despite a 3 % drop in export value to €77.6 billion and a 7 % decline in imports to €62 billion. The United Kingdom remained the top destination for EU food exports, though its share fell by 2 %. Export volumes to the United Arab Emirates fell sharply after the closure of the Strait of Hormuz, while sales to Egypt rose sharply, driven by increased wheat shipments. Imports from Côte d’Ivoire, Nigeria, Cameroon and Guinea fell due to lower cocoa prices, with a notable 16 % increase in coffee imports from Vietnam.

Eurofer reported that explicit steel consumption in the EU grew 4.4 % in 2025 to 134 million tonnes, a rise largely attributed to a one‑off surge in imports before the 2026 Carbon Border Adjustment Mechanism (CBAM) fees took effect. The increase does not signal a lasting market recovery; construction demand stays marginally positive, while the automotive sector continues to depress steel demand. High energy costs, geopolitical tensions and tighter monetary policy add pressure to the industry, and a global overcapacity in steel production persists.