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That said, it will remain highly conditional on how costs evolve, as well as on the easing of the drought." /><link rel="canonical" href="https://www.caixabankresearch.com/en/sectoral-analysis/agrifood/agrifood-sector-begins-recover-2024" /><meta name="robots" content="index, follow" /><link rel="image_src" href="https://www.caixabankresearch.com/sites/default/files/styles/share/public/content/image/2024/11/11/34529/agroalimentario-espana-michael-lechner-ky2e8df3gxo-unsplash.jpg?itok=_uQsHTV4" /><meta property="og:site_name" content="CaixaBank Research" /><meta property="og:url" content="https://www.caixabankresearch.com/en/sectoral-analysis/agrifood/agrifood-sector-begins-recover-2024" /><meta property="og:title" content="The Agrifood Sector Begins to Recover in 2024" /><meta property="og:description" content="Pending an assessment of the impact that the storm which hit Eastern Spain at the end of October may have had on agricultural production in the region, over the coming quarters we expect the positive trend in the sector to gather strength. That said, it will remain highly conditional on how costs evolve, as well as on the easing of the drought." /><meta property="og:image" content="https://www.caixabankresearch.com/sites/default/files/styles/share/public/content/image/2024/11/11/34529/agroalimentario-espana-michael-lechner-ky2e8df3gxo-unsplash.jpg?itok=_uQsHTV4" /><meta property="og:image:url" content="https://www.caixabankresearch.com/sites/default/files/styles/share/public/content/image/2024/11/11/34529/agroalimentario-espana-michael-lechner-ky2e8df3gxo-unsplash.jpg?itok=_uQsHTV4" /><meta property="og:image:secure_url" content="https://www.caixabankresearch.com/sites/default/files/styles/share/public/content/image/2024/11/11/34529/agroalimentario-espana-michael-lechner-ky2e8df3gxo-unsplash.jpg?itok=_uQsHTV4" /><meta property="article:published_time" content="2024-11-14T08:53:44+01:00" /><meta property="article:modified_time" content="2024-11-14T10:52:52+01:00" /><meta name="twitter:card" content="summary_large_image" /><meta name="twitter:description" content="Pending an assessment of the impact that the storm which hit Eastern Spain at the end of October may have had on agricultural production in the region, over the coming quarters we expect the positive trend in the sector to gather strength. That said, it will remain highly conditional on how costs evolve, as well as on the easing of the drought." /><meta name="twitter:title" content="The Agrifood Sector Begins to Recover in 2024" /><meta name="twitter:image" content="https://www.caixabankresearch.com/sites/default/files/styles/share/public/content/image/2024/11/11/34529/agroalimentario-espana-michael-lechner-ky2e8df3gxo-unsplash.jpg?itok=_uQsHTV4" /><meta name="Generator" content="Drupal 9 (https://www.drupal.org)" /><meta name="MobileOptimized" content="width" /><meta name="HandheldFriendly" content="true" /><meta name="viewport" content="width=device-width, initial-scale=1.0" /><script type="application/ld+json">{"@context": "https://schema.org","@graph": [{"@type": "NewsArticle","headline": "The Agrifood Sector Begins to Recover in 2024","name": "The Agrifood Sector Begins to Recover in 2024","description": "Pending an assessment of the impact that the storm which hit Eastern Spain at the end of October may have had on agricultural production in the region, over the coming quarters we expect the positive trend in the sector to gather strength. 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class="field_author multiple"><div class="autor"><div about="/en/author/jose-ramon-diez" class="author-complete-teaser"> <a href="/en/author/jose-ramon-diez"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2022/03/22/34454/joseramondiez-bn-cuadrada.jpg?itok=onBpj1ja" width="136" height="136" alt="José Ramón Díez" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> José Ramón Díez</div></div></div> </a></div></div></div><div class="created">November 18th, 2024</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/en/sectoral-analysis" data-drupal-link-system-path="taxonomy/term/15">Sectoral analysis</a><div class="menu-desplegable menu_visual_1"><div class="container menu_visual_1"><div class="col-left"><div class="content-visual-menu"><div class="menu_link_content 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src="/sites/default/files/styles/menu_destacado/public/content/image/2024/11/11/34529/agroalimentario-espana-michael-lechner-ky2e8df3gxo-unsplash.jpg?itok=xEymc3LH" width="400" height="200" alt="Campo de trigo segado. Photo by Michael Lechner on Unsplash" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/en/sectoral-analysis/agrifood/agrifood-sector-begins-recover-2024"><span property="schema:name">The Agrifood Sector Begins to Recover in 2024</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Spanish economy</div></div><div class="box_author_date box_ad box_with_image"><div class="field_author multiple"><div class="autor"><div about="/en/author/pedro-alvarez-ondina" class="author-complete-teaser"> <a href="/en/author/pedro-alvarez-ondina"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2022/03/22/34454/pedroalvarez-bn-cuadrada.jpg?itok=UeXzHu7H" width="136" height="136" alt="Pedro Álvarez" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> Pedro Álvarez Ondina</div></div></div> </a></div></div></div><div class="created">November 14th, 2024</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/en/geographical-areas" data-drupal-link-system-path="taxonomy/term/211">Geographical areas</a><div class="menu-desplegable menu_visual_1"><div class="container menu_visual_1"><div class="col-left"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/areas-geograficas/spain" data-drupal-link-system-path="taxonomy/term/212">Spain</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/areas-geograficas/portugal" data-drupal-link-system-path="taxonomy/term/213">Portugal</a><div class="menu_link_content menu-link-contentmain view-mode-default 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class="field_media_image field"> <img src="/sites/default/files/styles/menu_destacado/public/content/image/2024/11/08/34529/ico_im_11_24_roja_n.jpg?itok=mbtY6ro1" width="400" height="200" alt="Perspectivas 2025" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/en/economics-markets/activity-growth/spain-2025-dynamic-growth-albeit-slightly-lower-2024"><span property="schema:name">Spain 2025: dynamic growth, albeit slightly lower than in 2024</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Dossier</div></div><div class="box_author_date box_ad box_no_image"><div class="field_author multiple"><div class="autor"><div about="/en/author/oriol-carreras-baquer" class="author-name-teaser"><div class="nom"><a href="/en/author/oriol-carreras-baquer"><div class="name field"> Oriol Carreras Baquer</div> </a></div></div></div><div class="autor"><div about="/en/author/javier-garcia-arenas" class="author-name-teaser"><div class="nom"><a href="/en/author/javier-garcia-arenas"><div class="name field"> Javier García Arenas</div> </a></div></div></div></div><div class="created">November 19th, 2024</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/en/publications" data-drupal-link-system-path="taxonomy/term/43">Publications</a><div class="menu-desplegable menu_visual_4"><div class="container menu_visual_4"><div class="col-double"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/en/publicaciones/monthly-report" data-drupal-link-system-path="taxonomy/term/48">Monthly Report</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/en/publicaciones/pulso-economico-semanal" 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class="index-button"><a>Index</a></div></div></div><div class="index-wrapper monthly_report_index"><div class="index_title view-contexto-index-monthly-report"><div><div class="title"><a href="/en/monthly-report/494/november-2024/2025-outlook"><time datetime="2024-11-12T12:00:00Z">November 2024</time> | No. 494</a></div></div></div><div class="index_body text_regular"><div class="editorial js-view-dom-id-44b21121b62d2a48a807c6bce5a28a26e994484a7014253461a15cf17bf7e630 view_display_index_editorial view-articles-monthly-report"> <header><h3></h3> </header><div class="view-content"><div class="views-field views-field-field-seccion"><span class="field-content">Editorial</span></div><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/recent-developments/spanish-economy-continues-beat-expectations" hreflang="en">The Spanish economy continues to beat expectations</a></span></div><div class="views-field views-field-field-fotografia"><span class="field-content"><article><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2019/12/05/1/oriolaspachsok.jpg?itok=EZ3weOxk" width="136" height="136" alt="Oriol Aspachs CaixaBank Research" loading="lazy" typeof="foaf:Image" /></div> </article></span></div><div class="views-field views-field-name"><span class="field-content">Oriol Aspachs</span></div></div></div><div class="js-view-dom-id-a241b715a6b94d1fad51adb68b8bc27ecd1c9828ca823c9a29ded3d0a405dad4 view_display_index_seccion view-articles-monthly-report"><div class="view-content"><div class="seccion"><h3>Key points of the month</h3><ul class="seccio"><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/recent-developments/liquid-times-solid-economy" hreflang="en">Liquid times, solid economy?</a></span></div><div class="views-field views-field-name"><span class="field-content">José Ramón Díez</span></div></li></ul></div><div class="seccion"><h3>Forecasts and indicators</h3><ul class="seccio"><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/document/19-november-2024/forecast-and-indicators-november-2024" hreflang="en">Forecast and indicators - November 2024</a></span></div><div class="views-field views-field-name"><span class="field-content"></span></div></li></ul></div><div class="seccion"><h3>Financial markets</h3><ul class="seccio"><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/financial-markets/markets-all-eyes-central-banks-and-us-elections" hreflang="en">The markets: all eyes on the central banks and US elections</a></span></div><div class="views-field views-field-name"><span class="field-content">CaixaBank Research</span></div></li><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/monetary-policy/balance-sheets-not-so-visible-normalisation-monetary-policy" hreflang="en">Balance sheets: the not-so-visible normalisation of monetary policy</a></span></div><div class="views-field views-field-name"><span class="field-content"></span></div></li></ul></div><div class="seccion"><h3>International economy</h3><ul class="seccio"><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/recent-developments/uncertain-times-international-economy" hreflang="en"> Uncertain times in the international economy</a></span></div><div class="views-field views-field-name"><span class="field-content">CaixaBank Research</span></div></li><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/activity-growth/germany-reinventing-itself-amid-new-reality" hreflang="en">Germany: reinventing itself amid a new reality</a></span></div><div class="views-field views-field-name"><span class="field-content">Rita Sánchez Soliva</span></div></li></ul></div><div class="seccion"><h3>Spanish economy</h3><ul class="seccio"><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/recent-developments/spanish-economy-confirms-good-tone-q3" hreflang="en">The Spanish economy confirms the good tone in Q3</a></span></div><div class="views-field views-field-name"><span class="field-content">CaixaBank Research</span></div></li><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/sectoral-analysis/real-estate/spanish-real-estate-market-2024-2025-expansive-mode" hreflang="en">The Spanish real estate market in 2024-2025: in expansive mode</a></span></div><div class="views-field views-field-name"><span class="field-content">Judit Montoriol Garriga</span></div></li><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/sectoral-analysis/agrifood/agrifood-sector-begins-recover-2024" hreflang="en">The Agrifood Sector Begins to Recover in 2024</a></span></div><div class="views-field views-field-name"><span class="field-content">Pedro Álvarez Ondina</span></div></li></ul></div><div class="seccion"><h3>Portuguese economy</h3><ul class="seccio"><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/recent-developments/portugal-kicks-last-quarter-year-encouraging-signals" hreflang="en">Portugal kicks off the last quarter of the year with encouraging signals</a></span></div><div class="views-field views-field-name"><span class="field-content">CaixaBank Research</span></div></li></ul></div><div class="seccion"><h3>Dossier</h3><ul class="seccio"><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/activity-growth/sector-growth-2025-robust-and-across-board-some-differences" hreflang="en">Sector growth in 2025: robust and across the board, but with some differences</a></span></div><div class="views-field views-field-name"><span class="field-content">Judit Montoriol Garriga</span></div></li><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/monetary-policy/monetary-policy-2025-dialling-back-time" hreflang="en">Monetary policy in 2025: dialling-back time</a></span></div><div class="views-field views-field-name"><span class="field-content">CaixaBank Research</span></div></li><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/activity-growth/spain-2025-dynamic-growth-albeit-slightly-lower-2024" hreflang="en">Spain 2025: dynamic growth, albeit slightly lower than in 2024</a></span></div><div class="views-field views-field-name"><span class="field-content">Oriol Carreras BaquerJavier García Arenas</span></div></li><li><div class="views-field views-field-title"><span class="field-content"><a href="/en/economics-markets/activity-growth/2025-global-outlook-search-new-normal" hreflang="en">2025 global outlook: in search of a new normal</a></span></div><div class="views-field views-field-name"><span class="field-content">José Ramón Díez</span></div></li></ul></div></div></div></div></div></div></div><div class="content"><div data-drupal-messages-fallback class="hidden"></div><div id="block-caixabank-content" class="block block--fancy system_main_block block-caixabank-content"> <article data-history-node-id="12946" role="article" about="/en/sectoral-analysis/agrifood/agrifood-sector-begins-recover-2024" typeof="schema:Article" class="plantilla_articulo"><div class="content-header bottom-short"><div class="info"><div class="category "><div class="item"> <a href="/en/sectoral-analysis/agrifood" hreflang="en">Agrifood</a></div></div><h1><span property="schema:name">The Agrifood Sector Begins to Recover in 2024</span></h1> <span property="schema:name" content="The Agrifood Sector Begins to Recover in 2024" class="hidden"></span><div property="schema:text" class="body field"><p>Pending an assessment of the impact that the storm which hit Eastern Spain at the end of October may have had on agricultural production in the region, over the coming quarters we expect the positive trend in the sector to gather strength. That said, it will remain highly conditional on how costs evolve, as well as on the easing of the drought.</p></div><div class="translations"><div class="available">Content available in</div><div class="languages"> <a href="/ca/analisi-sectorial/agroalimentari/sector-agroalimentari-comenca-superar-lensopegada-del-2024?index" hreflang="ca">catalan</a> <a href="/es/analisis-sectorial/agroalimentario/sector-agroalimentario-comienza-salir-del-bache-2024?index" hreflang="es">spanish</a></div></div><div class="autor-fecha slash has_photo"><div class="field_author single "><div class="autor"><div about="/en/author/pedro-alvarez-ondina" class="author-complete-teaser"> <a href="/en/author/pedro-alvarez-ondina"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2022/03/22/34454/pedroalvarez-bn-cuadrada.jpg?itok=UeXzHu7H" width="136" height="136" alt="Pedro Álvarez" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> Pedro Álvarez Ondina</div></div></div> </a></div></div></div><div class="fecha"><div class="created-time">November 14th, 2024</div></div></div><div class="download"><div class="print"><a href="/en/node/12946/printable/print" target="_blank">Print</a></div><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/14/34454/im11_24-07-ee-focus-4-en_0.pdf"> Download File </a></div></div></div><div class="image"><div class="field_thumbnail field"> <img loading="eager" src="/sites/default/files/styles/destacado/public/content/image/2024/11/11/34529/agroalimentario-espana-michael-lechner-ky2e8df3gxo-unsplash.jpg?h=15d5cb51&itok=U9XVTaGM" width="670" height="399" alt="Campo de trigo segado. 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class="col-left" style="display: none"><div class="menu_anchors_fixed"> <label>In this article</label><ul></ul></div></div><div class="col-right"><div class="field_paragraphs"><div class="paragraph ptype_title-html-text pmode_default"><div class="field_descripcion field"><div class="tex2jax_process"><p>The <a href="https://www.caixabankresearch.com/en/agrifood/october-2024/agrifood-spains-agrifood-sector-enjoys-revival?utm_campaign=informe_sectorial-2024-10-08&utm_content=agroalimentario&utm_medium=email&utm_source=newsletter">Agrifood Sector Report 2024</a>, published in October, provides a comprehensive review of the key activity indicators of the Spanish agrifood sector and confirms the revival of the agriculture, forestry and fishing sector in 2024. This recovery has been driven by moderating production costs and a promising improvement in weather conditions, which also allow us to be cautiously optimistic about the 2024-2025 season. Pending an assessment of the impact that the storm which hit Eastern Spain at the end of October may have had on agricultural production in the region,<a class="see-footnote" id="footnoteref1_lyt5sis" title="Our preliminary estimates, using data from the 2020 farming census, indicate that half of the useful agricultural land area in the province of Valencia has been affected. Taking into account the productive specialisation of the affected regions, the supply of citrus fruits (28% of the national total) and tropical fruits (18%) could be seriously diminished." href="#footnote1_lyt5sis">1</a> over the coming quarters we expect the positive trend in the sector to gather strength. That said, it will remain highly conditional on how costs evolve, as well as on the easing of the drought.<a class="see-footnote" id="footnoteref2_oghcezz" title="The figures for activity indicators and prices that appear in this article reflect the latest available data as of the date of this&nbsp;Monthly Report. Therefore, these data differ slightly from those shown in the&nbsp;Agrifood Sector Report 2024, which was closed on 27 September 2024." href="#footnote2_oghcezz">2</a></p></div><ul class="footnotes"><li class="footnote" id="footnote1_lyt5sis"><a class="footnote-label" href="#footnoteref1_lyt5sis">1.</a> Our preliminary estimates, using data from the 2020 farming census, indicate that half of the useful agricultural land area in the province of Valencia has been affected. Taking into account the productive specialisation of the affected regions, the supply of citrus fruits (28% of the national total) and tropical fruits (18%) could be seriously diminished.</li><li class="footnote" id="footnote2_oghcezz"><a class="footnote-label" href="#footnoteref2_oghcezz">2.</a> The figures for activity indicators and prices that appear in this article reflect the latest available data as of the date of this Monthly Report. Therefore, these data differ slightly from those shown in the <em>Agrifood Sector Report 2024</em>, which was closed on 27 September 2024.</li></ul></div></div><div class="paragraph ptype_title-html-text pmode_default"><div class="field_g_titulo field"> The primary sector recovers following the challenges of recent years</div><div class="field_descripcion field"><p lang="es-ES" xml:lang="es-ES" xml:lang="es-ES">The sector has left behind the slump it experienced between late 2021 and the first half of 2023, when it endured adverse weather conditions and rising production costs, largely triggered by the war in Ukraine. Between Q1 and Q3 2024, the gross value added (GVA) of the agriculture, forestry and fishing sector recorded cumulative growth of 7.7%, far surpassing that of the economy as a whole (3.0%). Despite this improvement, the sector’s GVA remains 5.5% below the level of Q4 2019 and is far from regaining its relative weight in the economy as a whole (2.6% versus 3.0% in 2015-2019).</p><p lang="es-ES" xml:lang="es-ES" xml:lang="es-ES">One of the key factors in the sector’s recovery has been the moderation of production costs: the prices paid by farmers have fallen by 18% from their peaks (in mid-2022), although they remain more than 20% above 2019 levels (see first chart). The biggest corrections from the peaks are found in energy costs, fertilisers and, to a lesser extent, animal feed, which is the biggest component of the sector’s intermediate consumption (accounting for around 55% of the total). In addition, all the indicators suggest that this trend will continue over the coming months: the international markets for energy products and agricultural commodities indicate that prices should stabilise or even fall slightly. However, the risks remain skewed to the upside, bearing in mind sensitive factors such as climate and geopolitics.</p></div></div><div class="paragraph ptype_imagen pmode_default"><div class="field_imagen field"><div class="field_media_image field"> <img src="/sites/default/files/styles/container_1400/public/content/image/2024/11/14/34454/im11_24_f4_01_en.jpg?itok=gdEvUMK8" width="900" height="804" alt="Spain: real GVA of the agriculture, forestry and fishing sector" loading="lazy" typeof="foaf:Image" /></div></div></div><div class="paragraph ptype_title-html-text pmode_default"><div class="field_descripcion field"><p lang="es-ES" xml:lang="es-ES" xml:lang="es-ES">The drought has been the other key factor determining agricultural production in recent years. In 2023, vegetable production fell once again (12.2%) and more sharply than in other major European producers. This decline in production particularly affected products from rain-fed crops such as olive oil (–58.6%), cereals (– 4.8%) and wine and must (–21.1%). Since mid-2023, there has been an encouraging improvement in the drought, with a reduction in the affected territory, so plant production is expected to improve in 2024. In the current year up until September, an average of around 13% of the territory was affected by drought, compared to 35%-45% in the second half of 2022.</p><p lang="es-ES" xml:lang="es-ES" xml:lang="es-ES">The gradual moderation of these limiting factors of recent years is key for the improvement which we are already seeing and which is fuelling a favourable outlook for the 2024-2025 season. Cereal production is expected to increase by 88% compared to the previous season, while grape production for must and wine is anticipated to climb 17%. The outlook for olive oil has also improved significantly, with production expected to rebound by around 50% compared to last season.</p><p lang="es-ES" xml:lang="es-ES" xml:lang="es-ES">Spain’s agrifood industry, for its part, has also begun to experience a revival after two years of deterioration due to increased production and input costs. In the year to date up until August, industrial production grew by 1.4% year-on-year (the first increase since 2021), thanks to a moderation in the growth of production costs, especially energy and fertilisers. However, beverage manufacturing fell 4.2% in the same period due to a correction following the sharp rebound in 2021 and 2022.</p></div></div><div class="paragraph ptype_imagen pmode_default"><div class="field_imagen field"><div class="field_media_image field"> <img src="/sites/default/files/styles/container_1400/public/content/image/2024/11/14/34454/im11_24_f4_02_en.jpg?itok=LhVNhTF5" width="900" height="922" alt="Spain: production costs of the agriculture, forestry and fishing sector" loading="lazy" typeof="foaf:Image" /></div></div></div><div class="paragraph ptype_title-html-text pmode_default"><div class="field_g_titulo field"> Food inflation eases, offering relief to households</div><div class="field_descripcion field"><div class="tex2jax_process"><p>The rise in production costs in the food industry has largely been passed on to final consumer prices in recent years. Thus, food inflation peaked in February 2022 (16.7%) before embarking on a clear downward trend, falling to 1.6% by September 2024. In any case, the cumulative increase in food prices since 2019 (32%) has had a significant impact on Spanish households’ pockets: expenditure on food accounted for 26% of total household expenditure in 2023, compared to 23.4% in 2019, <a href="https://www.caixabankresearch.com/en/economics-markets/inflation/food-prices-offer-respite?index=">with other expenditure items falling accordingl</a>y.<a class="see-footnote" id="footnoteref3_f14yp5z" title="For an in-depth analysis of the recent pattern of food inflation and the impact on households’ food expenditure in Spain, see the article «Food prices offer a respite» in the&nbsp;Agrifood Sector Report 2024." href="#footnote3_f14yp5z">3</a></p></div><ul class="footnotes"><li class="footnote" id="footnote3_f14yp5z"><a class="footnote-label" href="#footnoteref3_f14yp5z">3.</a> For an in-depth analysis of the recent pattern of food inflation and the impact on households’ food expenditure in Spain, see the article «Food prices offer a respite» in the <em>Agrifood Sector Report 2024.</em></li></ul></div></div><div class="paragraph ptype_imagen pmode_default"><div class="field_imagen field"><div class="field_media_image field"> <img src="/sites/default/files/styles/container_1400/public/content/image/2024/11/14/34454/im11_24_f4_03_en.jpg?itok=DeYC09ZR" width="900" height="849" alt="Spain: territorial units in a state of prolonged drought" loading="lazy" typeof="foaf:Image" /></div></div></div><div class="paragraph ptype_title-html-text pmode_default"><div class="field_g_titulo field"> Agrifood exports enjoy good health</div><div class="field_descripcion field"><div class="tex2jax_process"><p lang="es-ES" xml:lang="es-ES">Agrifood exports have enjoyed a strong recovery in 2024, recording 4.6% growth in volumes (after two years of declines) and 6.7% in value terms in the cumulative period between January and August. The agrifood sector has maintained a significant trade surplus since 1996, being one of the highest among all sectors of the economy. In the first half of 2024, this surplus reached 1.1% of GDP, an impressive figure only surpassed by the exceptional results recorded in 2020 and 2021 during the pandemic.</p><p lang="es-ES" xml:lang="es-ES">The diversification of export destinations and the improvement in production have been key factors in this recovery. The main destinations for Spain’s agrifood exports include EU countries, but the sector has steadily managed to diversify its range of destinations to encompass emerging markets in Asia and Latin America, and this has helped it to overcome the many challenges it has faced in recent years.<a class="see-footnote" id="footnoteref4_sqczbgu" title="The article «The good health of Spanish agrifood exports» in the&nbsp;Agrifood Sector Report 2024&nbsp;includes a detailed analysis of the exports of Spain’s agrifood sector." href="#footnote4_sqczbgu">4</a></p></div><ul class="footnotes"><li class="footnote" id="footnote4_sqczbgu"><a class="footnote-label" href="#footnoteref4_sqczbgu">4.</a> The article «The good health of Spanish agrifood exports» in the <em>Agrifood Sector Report 2024</em> includes a detailed analysis of the exports of Spain’s agrifood sector.</li></ul></div></div><div class="paragraph ptype_imagen pmode_default"><div class="field_imagen field"><div class="field_media_image field"> <img src="/sites/default/files/styles/container_1400/public/content/image/2024/11/14/34454/im11_24_f4_04_en.jpg?itok=oXnwbrGp" width="900" height="749" alt="Spain: exports and imports of the agrifood sector" loading="lazy" typeof="foaf:Image" /></div></div></div></div><div class="field_author single "><div class="autor"><div about="/en/author/pedro-alvarez-ondina" class="author-complete-teaser"> <a href="/en/author/pedro-alvarez-ondina"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2022/03/22/34454/pedroalvarez-bn-cuadrada.jpg?itok=UeXzHu7H" width="136" height="136" alt="Pedro Álvarez" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> Pedro Álvarez Ondina</div></div></div> </a></div></div></div><div class="field_tags"><div class="label">Tags:</div><div class="tag_list"> <a href="/en/tags/agrifood" property="schema:about" hreflang="en">Agrifood</a> <a href="/en/tags/spain" property="schema:about" hreflang="en">Spain</a> <a href="/en/tags/inflation" property="schema:about" hreflang="en">Inflation</a> <a href="/en/tags/foreign-sector" property="schema:about" hreflang="en">Foreign sector</a></div></div><ul class="custom footnotes"></ul></div></div><div class="relacionados upper_menu_anchors"><div class="field_monografics"><div class="slide"><div about="/en/hot-topics/monetary-and-fiscal-policy" class="term collections temas_destacados_en_articulos"><div class="monografic"><div class="etiqueta">Hot Topics</div></div><div class="col"> <a href="/en/hot-topics/monetary-and-fiscal-policy"><h2>Monetary and fiscal policy</h2> </a><div class="navigator"> <a href="/en/hot-topics" class="more">All about Hot Topics</a></div></div><div class="col"> <a href="/en/hot-topics/monetary-and-fiscal-policy"><div class="field_imagen field"><div class="field_media_image field"> <img src="/sites/default/files/styles/destacado/public/content/image/2022/03/15/49/tc-politica-monetaria-y-fiscal.jpg?itok=3ugavApO" width="670" height="399" alt="Política monetaria y fiscal" loading="lazy" typeof="foaf:Image" /></div></div> </a></div></div></div></div><div class="three-col border-bottom view view-eva view-articulos-relacionados view-id-articulos_relacionados view-display-id-relacionados js-view-dom-id-9f67b37a3ec2a243d8d7cad054577f766df592acd1eedbe3456c5514defe9f36 view-lista-articulos"> <header><div class="tex2jax_process"><h3>To read below</h3></div> </header><div class="flex three-columns-gap20 wrap"> <article data-history-node-id="12874" role="article" about="/en/economics-markets/inflation/food-prices-offer-respite" class="node sectorial-report-article teaser-llista-articles"> <a href="/en/economics-markets/inflation/food-prices-offer-respite"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/nocompress_teaser/public/content/image/2024/10/07/91184/pag-33_is-agro-2024.jpg?itok=fzMQ_SUN" width="1020" height="681" alt="pag-33_is-agro-2024" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/en/sectoral-analysis/agrifood" hreflang="en">Agrifood</a></div><h2 class="teaser_title"><a href="/en/economics-markets/inflation/food-prices-offer-respite"><span>Food prices offer a respite</span></a></h2><div class="autor-fecha slash"><div class="field_author multiple "><div class="autor"><div about="/en/author/judit-montoriol-garriga" class="author-name-teaser"><div class="nom"><a href="/en/author/judit-montoriol-garriga"><div class="name field"> Judit Montoriol Garriga</div> </a></div></div></div><div class="autor"><div about="/en/author/zoel-martin-vilato" class="author-name-teaser"><div class="nom"><a href="/en/author/zoel-martin-vilato"><div class="name field"> Zoel Martín Vilató</div> </a></div></div></div></div><div class="fecha"> 29 Oct 2024</div></div></article><article data-history-node-id="12873" role="article" about="/en/sectoral-analysis/agrifood/good-health-spanish-agrifood-exports" class="node sectorial-report-article teaser-llista-articles"> <a href="/en/sectoral-analysis/agrifood/good-health-spanish-agrifood-exports"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/nocompress_teaser/public/content/image/2024/10/07/91184/pag-18_is-agro-2024.jpg?itok=Q_AvAQ57" width="1020" height="681" alt="pag-18_is-agro-2024" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/en/sectoral-analysis/agrifood" hreflang="en">Agrifood</a></div><h2 class="teaser_title"><a href="/en/sectoral-analysis/agrifood/good-health-spanish-agrifood-exports"><span>The good health of Spanish agrifood exports</span></a></h2><div class="autor-fecha slash"><div class="field_author multiple "><div class="autor"><div about="/en/author/pedro-alvarez-ondina" class="author-name-teaser"><div class="nom"><a href="/en/author/pedro-alvarez-ondina"><div class="name field"> Pedro Álvarez Ondina</div> </a></div></div></div><div class="autor"><div about="/en/author/sergio-diaz" class="author-name-teaser"><div class="nom"><a href="/en/author/sergio-diaz"><div class="name field"> Sergio Díaz</div> </a></div></div></div></div><div class="fecha"> 29 Oct 2024</div></div></article><article data-history-node-id="12872" role="article" about="/en/sectoral-analysis/agrifood/spains-agrifood-sector-enjoys-revival-2024-thanks-moderation-production" class="node sectorial-report-article teaser-llista-articles"> <a href="/en/sectoral-analysis/agrifood/spains-agrifood-sector-enjoys-revival-2024-thanks-moderation-production"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/nocompress_teaser/public/content/image/2024/10/07/91184/pag-3_is-agro-2024.jpg?itok=9fPbkU_G" width="1020" height="681" alt="pag-3_is-agro-2024" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/en/tags/agrifood" hreflang="en">Agrifood</a></div><h2 class="teaser_title"><a href="/en/sectoral-analysis/agrifood/spains-agrifood-sector-enjoys-revival-2024-thanks-moderation-production"><span>Spain’s agrifood sector enjoys a revival in 2024 thanks to the moderation of production costs</span></a></h2><div class="autor-fecha slash"><div class="field_author multiple "><div class="autor"><div about="/en/author/pedro-alvarez-ondina" class="author-name-teaser"><div class="nom"><a href="/en/author/pedro-alvarez-ondina"><div class="name field"> Pedro Álvarez Ondina</div> </a></div></div></div><div class="autor"><div about="/en/author/sergio-diaz" class="author-name-teaser"><div class="nom"><a href="/en/author/sergio-diaz"><div class="name field"> Sergio Díaz</div> </a></div></div></div></div><div class="fecha"> 29 Oct 2024</div></div></article></div></div></div></article></div></div></div></main><footer role="contentinfo"><div class="container"><div class="logo_caixa_footer"> <a href="https://www.caixabankresearch.com/en" title="CaixaBank Research footer logo"> <svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" version="1.1" x="0px" y="0px" viewBox="0 0 469.7 126" style="enable-background:new 0 0 469.7 126;" xml:space="preserve"> <g> <path class="st0" d="M35.3,52.9c1,0.7,0.9,2,1.8,2.7l0.4,3l-2.2,3.2c-2.8,1.5-6.9,2.1-9.5-0.2c-1.5-1.3-1.9-3.2-1.5-5.1l1-2.8 c0.6-0.4,1.4-0.5,1.8-1.2c1.4-0.9,3.1-0.7,4.7-1C33,51.9,34.8,51.2,35.3,52.9"></path> <path class="st0" d="M28.1,70.7c0.9,0,1.5,0.6,2.3,0.5c1.2,0.4,1,1.9,2.2,2.2c0.9,1.9,1.5,3.9,2,5.9c-0.3,1.2,0.6,1.9,0.3,2.9 l0.3,0.2c0,1.1-0.1,2.4-0.5,3.5c0.2,2-0.8,3.8-1.7,5.5c-0.6,0.4-0.9,1.5-1.8,1.3c-1.6,0.5-1.7,2.8-3.6,2.6 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