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ECONOMIC BULLETIN Q2 2016

Steady production and sales growth, stable employment and robust exports


Food and drink industry Agricultural commodities Retail Methodology
 

Food and drink industry

 
Steady production and sales growth

  • In Q2 2016, EU food and drink industry production increased by 0.2%.
  • EU food and drink industry turnover remained unchanged from the previous quarter.
  • The year-on-year comparison shows that food and drink industry turnover performed better than total manufacturing turnover (0.7% vs. -1% compared to Q2 2015). Total manufacturing production growth and food and drink industry production performed equally well (1.4% compared to Q2 2015).
  • Food manufacturing prices decreased by 0.3% in Q2 2016, and were 1.4% lower compared to Q2 2015.

 
Employment: stable in Q2

  • Employment in the EU food and drink industry increased by 0.3% in Q2 2016. 
  • Employment in the food and drink industry remained on a positive growth trend, and in the long term, continues to outperform the average employment level growth in the manufacturing industry (Q2 2016/Q2 2011: +3.3% (food and drink industry) vs +1.1% (manufacturing)).


External trade: EU exports reach €25.4 bn 

  • Extra-EU exports of food and drink products totalled €25.4 billion in Q2 2016 (Q2 2016/Q2 2015: +4.1%).
  • The trade surplus reached €7.5 billion in Q2 2016.
  • The top 5 products with the largest share in export value generated €12.2 bn in Q2 2016 (meat, dairy, wine, spirits, processed fruits and vegetables).
  • Extra-EU imports of food and drink products reached €17.8 bn (Q2 2016/Q2 2015: -3.5%).

 
Click here for more information: Economic Bulletin Q2 2016 graphs and tables

 

Agricultural commodities


Prices: FAO food price continues to rise  

  • The FAO food price index is on the rise since the beginning of 2016 and in June nearly reached the same level as last year. 
  • In Q2 2016, EU and world markets prices increased for most agricultural commodities compared to the previous quarter. At the same time, prices for soft wheat, SMP, WMP decreased. 
  • The year-on-year comparison follows a similar but more pronounced pattern, with a considerable price decline for soft wheat, SMP, WMP – and price increase for sugar.


Click here for more information: Economic Bulletin Q2 2016 graphs and tables

 

Retail

 
Retail trade: mixed performance in Q2

  • Retail trade in foodstuffs registered moderate growth in April, May, and decreased in June 2016.
  • Year-on-year, retail trade in foodstuffs increased by 1.5% vs. 2.5% for total retail trade compared to June 2015.
  • Consumer prices were up by 0.4% compared to Q1 2016.

 
Click here for more information: Economic Bulletin Q2 2016 graphs and tables

 

Methodology

  • Except for imports and exports data which represent evolution of the current quarter compared to the same quarter of the previous year, all other evolutions are represented with respect to the previous quarter (or month) of the same year.
  • EU refers to EU28 in the text, unless otherwise specified.
  • The EU food and drink industry is identified by NACE Rev.2 codes C10 (manufacture of food products) and C11 (manufacture of beverages).

 

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