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Euler Hermes highlights trade potential in Agrifoods

09 May 2013

The new middle classes in emerging markets and changing consumer habits are driving the growth of the Agrifoods sector, according to a new global sector report from Euler Hermes, the global leader in trade credit insurance.

The report states that China, Japan and India head the list of emerging nations where Agrifoods are in the most demand; the import potential at 2015 is $71billion – a rise of 10% versus 2012. The largest exporting regions are Western Europe, Asia Pacific and North America. 

“While most of the exports of Western European countries are destined for other European countries and involve processed products (products that have the highest added value tend to do well in trade between regions), North and South American exports grew steadily thanks to a growing need for agricultural commodities in Asia,” said Ludovic Subran (pictured), chief economist at Euler Hermes.

“But exports of Agrifoods products are impacted by both logistical and structural constraints which make global trade more costly and therefore restricts growth.”

Notwithstanding these issues, the report highlights Agrifoods as being one of the major global success stories of the last decade. Between 2000 and 2012 Agrifoods experienced: 9.1% growth in turnover; 8.9% growth in exports; and 13% share of exports as part of the global sector turnover.

“China will remain a major market for agricultural and Agrifoods producers, since the country is in the midst of very favourable changes to the development of sector trade which are materialising in significant figures in light of the size of the market, ongoing population growth, changing diet and the emergence of a middle class with growing purchasing power,” said Bruno Goutard, sector advisor, Euler Hermes.

“To various degrees the same dynamics can be found in India, the US, Russia and South Korea. Japan will continue to import massively in order to meet needs not met by insufficient domestic resources.”

Overall, Euler Hermes estimates a 15% global trade growth potential of approximately $820bn (€630bn) through exports in seven sectors. “That corresponds to the creation of an economy equivalent to that of the Netherlands in barely three years,” concluded Subran.


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