France's farm, food exports up 8.4% year-over-year to €4.43B in January, driven primarily by increased U.S., Asian demand for cognac, wine, agriculture ministry says; cereal shipments down to €555M as Egypt, Morocco purchase less wheat
March 13, 2012
– According to a statement by France’s Agriculture Ministry on March 12, the value of French farm and food exports in January increased 8.4% year-over-year from €4.08 billion (US$5.36 billion) to €4.43 billion, Bloomberg reported the same day.
The Ministry indicated that the increase was driven by primarily by increased demand from Asia and the U.S. for cognac and wine.
Year-over-year, the value of beverage shipments from France increased from €725 million to €828 million in January 2012.
The Ministry reported that, bolstered by demand from Turkey, the value of bovine exports in January increased from €113 million to €130 million.
French cereal shipments in January declined from €576 million to €555 million. Both Egypt and Morocco purchased less wheat from France than in the past, the ministry added.
During January 2012, the value of agricultural goods and food imported into France rose from €3.42 billion to €3.67 billion.
According to the World Trade Organization, France is the largest farm producer in the European Union. In terms of the value of its agricultural exports, France ranks third behind the Netherlands and Germany. During January 2012, farm products and food added a surplus of €757 million to France’s current account.
The primary source of this article is Bloomberg, New York, New York, on March 12, 2012.