On the export side, increases in several product categories offset the declines. Exports to Türkiye rose by EUR 320 million (+8%), mainly beef and veal, and exports to India by EUR 253 million (+29%), driven largely by sunflower oil, while exports to Gulf countries returned to average levels in August after earlier disruption. Spirits and liqueurs gained EUR 583 million (+11%), whereas exports of coffee, tea, cocoa and spices fell by EUR 1.4 billion (-16%). These categories show which processed products carry the EU’s export performance and which are exposed to commodity prices.

Imports fell by EUR 4.5 billion, largely because of lower import values from the main cocoa-producing countries as cocoa prices keep falling: imports from Côte d’Ivoire dropped by EUR 1.4 billion (-22%), and those from Cameroon and Nigeria by 46% and 47%. Imports of coffee, tea, cocoa and spices were down by EUR 5.5 billion (-19%), while imports of fruit and nuts rose by EUR 825 million (+4%). The figures are values, so a good part of the improvement in the balance reflects lower prices of tropical commodities that processors buy, not only changes in volumes.

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