Trade in medicinal, pharma products reached new peak in 2022: Eurostat

Brussels [Belgium], April 25 (ANI/WAM): Between 2002 and 2022, European Union exports of medicinal and pharmaceutical products to countries outside the EU grew considerably stronger than imports, according to figures published by Eurostat, the statistical office of the European Union.
Exports increased from EUR 50 billion in 2002 to EUR 287 billion in 2022. Compared with 2021 (EUR 235 billion), the 2022 total represented an increase of 22 per cent. Imports rose from EUR 32 billion to EUR 112 billion between 2002 to 2022, rising almost 12 per cent from 2021 (EUR 100 billion) to 2022.
With extra-EU exports growing more than imports, the EU's trade surplus in medicinal and pharmaceutical products reached EUR 175 billion, the highest value since 2002 (EUR 18 billion).
In 2022, Germany was the EU's largest extra-EU exporter (EUR 68 billion), followed by Belgium (EUR 56 billion), Ireland (EUR 42 billion), the Netherlands and Italy (each EUR 22 billion).
The largest extra-EU importers of medicinal and pharmaceutical products were Belgium (EUR 21 billion), followed by Germany (EUR 19 billion), the Netherlands (EUR 18 billion), Spain (EUR 10 billion) and Italy (EUR 9 billion).
The main destination of extra-EU exports of medicinal and pharmaceutical products in 2022 was the United States, accounting for almost a third (33 per cent) of these exports, followed at a distance by Switzerland (13 per cent), the United Kingdom (7 per cent), China and Japan (both 6 per cent).
Imports of these products to the EU came mainly from the United States, accounting for 35 per cent of all EU imports of these products, then Switzerland (34 per cent), the United Kingdom (9 per cent) followed by China (5 per cent) and Singapore (4 per cent).
Regarding trade between the EU and the United States, between 2002 and 2022, EU exports of medicinal and pharmaceutical products grew by more than 9 per cent per year, and EU imports grew by almost 7 per cent per year. During this period, the trade balance has been in favour of the EU, registering a surplus of EUR 54 billion in 2022.
As for Switzerland, between 2002 and 2022, EU exports grew by almost 10 per cent per year, and imports grew by nearly 8 per cent per year. Over the same period, the EU had a trade deficit of - EUR 8 billion in 2009, 2012, and 2019 and - EUR 9 billion in 2021. In 2022, a reduction in this deficit was recorded, with the trade balance reported as - EUR 1 billion. (ANI/WAM)