Improved EU Agri-Food Imports Boost Nigeria, Ivory Coast, Tunisia

News in brief:- ***The EU's agri-food imports increased in April 2024, benefiting countries like Tunisia, Ivory Coast and Nigeria.

• These nations saw significant growth in exports to the EU, primarily driven by cocoa and olive oil.*** In the European Union's latest agrifood international trade report, Tunisia, Ivory Coast and Nigeria were among the major beneficiaries of the region's increased imports value. The EU saw its agri-food imports rise to €14.8 billion in April 2024, a 10% increase compared to the previous month and 12% higher than the corresponding period last year. Ivory Coast benefitted the most in terms of value with its exports to the bloc rising by 42% to €591 million. Tunisia, a North African olive oil powerhouse, was second as its shipments more than doubled at 121% to €310 million. Nigeria was third, with a €214 million worth of agri-food shipment to the member states but the increase was by 82% from the previous period. Both West African nations benefitted from the EU countries importing cocoa, which saw a price increase during the month of April. Meanwhil, Tunisia's boost came from higher olive oil purchases and reductions in imports from Australia and Indonesia. European countries by coffee, tea, cocoa and spices the most as these category of commodities represented 16% of their total imports. Fruits and nuts are the second most imported commodity category with oilseeds and protein crops being third at 15% and 12%, respectively. Another important insight that the trade report offers is that the three commodity categories earlier listed saw the most increase in value. While cocoa's increment is due to price hikes, olives and olive oil was due to a sheer increase in volumes. Meanwhile, the bloc reduced its imports of cereals by 33% and sugar by 39%.