Between August 2014 and July 2015, the value of the EU's total exports to third countries, in spite of the Russian veto, has increased by 5.7% compared with the same period last year.
According to data from the European Commission, a very positive performance has been recorded during the first half of 2015, with a record in March (at nearly 12 billion euros), while the second half started with a positive trend, as in July 2015 exports recorded an increase of 8% compared to July 2014.
During the whole period since the introduction of the embargo, the EU's agro-food sector has managed to offset the losses in export sales in Russia with increased exports to other major destinations and alternative markets.
The most significant increases have been registered in the U.S. (+16%), China (+33%), Switzerland (+5%) and in some key markets in Asia, such as Hong Kong (+19%) and the Republic of Korea (+29%). European exporters also increased their exports to some Arab countries, like Saudi Arabia (+10%), UAE (+14%) and Egypt (+26%).
Meanwhile, however, total exports of EU agricultural food products to Russia between August 2014 and July 2015 decreased from 11 billion to 6.3 billion euros (-43%).
It is worth noting, in any case, that this growth is mostly down to the meat and dairy sectors, since the export value of fruits and vegetables is actually about 12% lower compared to the same period a year earlier.
Source: agronews