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THE INTELLIGENCE


Ronaldo chooses agua over Coca- Cola, causing huge drop in Coke shares


British food and drink exports to the EU plummet post Brexit


British food and drink exports to the EU fell by £2bn in the first three months of 2021, while dairy product sales plummeted by 90%, according to an analysis of HMRC data by the Food and Drink Foundation (FDF). “The loss of £2bn in exports to the EU is a


disaster for our industry and is a very clear indication of the magnitude of the losses that UK manufacturers face in the long term due to new trade barriers with the EU,” said Dominic Goudie, head of international trade for the Food and Drink Federation (FDF). Figures from HMRC show that dairy


products were down more than 90% and cheese exports were down by two- thirds compared to 2020. Whiskey exports fell by 32%, chocolate by 37% and lamb and mutton by 14%. Meanwhile, total food and beverage


exports to Ireland fell by 70.8% year-on-year, exports to Spain by 63%, Italy by 61% and Germany by 55%. Trade in the other direction was also


affected. British imports of wine from the EU decreased by 20%, fruit by 15.7% and vegetables by 13.9%. Cheese, chicken and beef imports from Ireland and elsewhere also declined. The drop in exports to the EU meant that sales to the rest of the world, which have stabilized, now account for more than 50% of all UK food and drink exports. The FDF warned that it expects the fall in EU–UK trade to “increase when full checks are implemented at UK borders in 2022”, pointing to the fact that UK checks on EU imports will be gradually phased in over the remainder of this year.


In June, Portuguese football superstar Cristiano Ronaldo pushed aside the two bottles of Coke that had been placed in front of him during a European Championship press conference, raising the bottle of water he’d brought in instead and mouthing “agua’”. Coca-Cola was a major sponsor of the


Euro 2020 tournament and, according to The Guardian, the company’s share price fell from $56.10 to $55.22 “almost immediately” after Ronaldo’s press conference. As a result, the market value of Coca-Cola dropped by a massive $4bn, from $242bn to $238bn. Sone organizations, including Obesity Health Alliance in the UK, have praised the health-conscious star. “It’s great to see a role model like Ronaldo reject Coca-Cola for water, setting a positive example for young fans and showing his disdain for a cynical marketing attempt to link him with a sugary drink,” the organization tweeted.


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ALAMY / GETTY IMAGES


EAME


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