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June 13, 2024
Business

Pharmacy emerges as top category in EU’s high-tech exports, valued at €446 billion

The European Union (EU) witnessed a substantial surge in high-tech imports from non-EU countries in 2022, totaling an estimated €482 billion—an impressive 22% increase compared to the previous year. Meanwhile, the EU’s exports to these countries reached €446 billion, reflecting a notable 16% growth. China emerged as the dominant source of high-tech imports for the EU, accounting for 38% of the total value (€183 billion).

Pharmacy emerges as top category in EU's high-tech exports, valued at €446 billion

The United States closely followed with a 19% share (€91 billion). Other key partners in high-tech imports included Switzerland (6%; €30 billion), Taiwan (5%; €23 billion), and both the United Kingdom and Vietnam (each with 4%; €20 billion and €18 billion, respectively). Among the diverse range of high-tech products imported by the EU from non-EU countries, electronics-telecommunications constituted the largest category, with a staggering value of €202 billion.

For three of the top six high-tech import partners, electronics-telecommunications emerged as the predominant category. Vietnam led the pack with 74% of its high-tech imports falling into this category (€13 billion), followed by Taiwan with 69% (€16 billion), and China with 55% (€101 billion). Conversely, pharmacy was the primary category for Switzerland, accounting for 68% of its high-tech imports (€20 billion). Aerospace took precedence for both the United States (35%; €32 billion) and the United Kingdom (28%; €6 billion).

Turning to high-tech exports, the United States secured its position as the EU’s top trading partner in 2022, with a significant 26% share amounting to €118 billion. China ranked second with a 12% share (€53 billion), followed by the United Kingdom (9%; €42 billion), Switzerland (6%; €28 billion), Japan (4%; €19 billion), and Turkiye (3%; €12 billion). Similar to imports, pharmacy emerged as the leading category in high-tech exports to non-EU countries, boasting an impressive value of €145 billion.

Pharmacy also took the lead as the primary category for three of the top six high-tech export partners. Japan stood out with 56% of its high-tech exports falling into this category (€11 billion), followed by Switzerland with 50% (€14 billion), and the United States with 49% (€57 billion). For China (38% of high-tech exports; €20 billion) and the United Kingdom (24%; €10 billion), electronics-telecommunications claimed the largest share. As for Turkiye, aerospace dominated with 38% of its high-tech exports (€5 billion).

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