EU trade surplus grows despite lower export value

The EU’s trade surplus in agricultural and food products is growing despite a decline in export value. For January through July 2026, the surplus stands at €30.1 billion. That is €2.9 billion higher than in the same period of 2025. Import value fell more sharply than export value, mainly due to lower cocoa prices. The European Commission reported these figures in its monthly trade report.

Exports totaled €138.7 billion in value, down 1% from a year earlier. Import value fell 4% to €108.6 billion.

Export value to key markets

The value of exports to the United States fell 9%. That amounts to a €1.7 billion decrease over the first seven months. Beverages, olive oil, and cocoa products were the main contributors to the decline. The value of exports to the United Kingdom and Japan also fell.

In July, agricultural and food exports totaled €21.3 billion in value. That is 3% higher than in July 2025.

Differences between product categories

The value of pork exports fell 13%, or €930 million. This was mainly due to lower prices, but also declining export volumes. The EU exported less pork to China, Japan, the Philippines, and the United Kingdom.

Lower prices reduced the value of confectionery and chocolate exports by 5%. The value of dairy exports rose 2% compared with a year earlier.

Cocoa prices weigh on import value

Cocoa prices are around half their spring 2025 peak. Average import prices for cocoa products fell 28% from January through July. Import volume fell 4%, while import value dropped by €3.8 billion.

The value of fruit and nut imports rose 3%. Imports of margarine and other vegetable oils and fats grew 12% in value.

Agriculture.ec.europa.eu