High-tech imports in EU hit USD527.1B last year
Date
10/5/2024 8:16:03 AM
(MENAFN) According to data released by the regional statistical bureau on Friday, the European Union's high-tech imports totaled €478 billion ($527.1 billion) in the last year, reflecting a slight decline of 1% compared to 2022. This data underscores the EU's ongoing reliance on high-tech goods as a crucial component of its economy, despite a minor drop in overall imports.
China and the United States were the dominant players in the EU's high-tech imports, collectively accounting for over half of the total. Specifically, imports from China reached €155 billion, representing 32% of the total, while imports from the US amounted to €108 billion, or 23%. Other notable exporters included Switzerland, Taiwan, the UK, and Vietnam, which contributed 7% (€31 billion), 6% (€28 billion), and 4% (€20 billion and €19 billion), respectively. These figures illustrate the global network of high-tech trade that supports the EU’s technological landscape.
Among the categories of high-tech imports, electronics and telecommunications products emerged as the largest segment, making up 39% of total imports from non-EU countries, with China being the primary source. Vietnamese exports to the EU also leaned heavily toward electronics and telecommunications, constituting 73% of their total imports valued at €14 billion. Similarly, Taiwan and China followed closely behind, with 58% of their respective imports being in this category, valued at €16 billion and €86 billion.
On the export front, the EU saw a year-on-year increase of 3%, with high-tech exports reaching €461 billion. The United States remained the largest recipient, accounting for 28% of these exports at €128 billion, followed by China at 11% (€49 billion), and Japan and Türkiye at 3% each, valued at €15 billion and €14 billion, respectively. Notably, pharmacy products represented the largest export category, constituting 30% of EU high-tech exports. In terms of specific countries, pharmacy products dominated the high-tech export landscape for both Switzerland and the US, while electronics-telecommunications represented the largest category for China. For Türkiye, aerospace products were the leading export category, making up 35% of its high-tech exports valued at €5 billion.
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