EU high-tech imports totals USD527.1 billion
Date
10/7/2024 7:40:40 AM
(MENAFN) In 2023, the European Union's high-tech imports totaled EUR478 billion (approximately USD527.1 billion), marking a minor decline of 1 percent compared to the previous year. According to recent data from Eurostat, China and the United States played a significant role in these imports, accounting for more than half of the total. Specifically, imports from China amounted to EUR155 billion, making up 32 percent of the European Union's high-tech imports, while the U.S. contributed EUR108 billion, or 23 percent.
Other notable high-tech exporters to the European Union included Switzerland, which accounted for 7 percent of the imports at EUR31 billion, followed closely by Taiwan at 6 percent (EUR28 billion). The United Kingdom and Vietnam each contributed 4 percent, with imports valued at EUR20 billion and EUR19 billion, respectively.
A significant portion of the high-tech imports consisted of electronics and telecommunications products, which represented 39 percent of the total. China was the primary source for these imports, highlighting its dominance in this sector. Notably, electronics and telecommunications products made up 73 percent of Vietnam's imports to the European Union, totaling EUR14 billion, while Taiwan and China accounted for 58 percent of their respective imports, valued at EUR16 billion and EUR86 billion.
In addition to electronics, computers and office machinery, along with pharmaceutical products, collectively represented 15 percent of all high-tech imports into the European Union, with China and the U.S. again being the major suppliers in these categories.
On the export side, the European Union 's high-tech exports showed a positive trend, increasing by 3 percent year-on-year to reach EUR461 billion. The U.S. was the largest recipient of these exports, accounting for 28 percent at EUR128 billion. China followed with a share of 11 percent, totaling EUR49 billion. Other significant recipients included Japan and Turkey, which received 3 percent of the European Union 's high-tech exports, valued at EUR15 billion and EUR14 billion, respectively.
Among the various categories of high-tech exports, pharmaceutical products comprised the largest segment at 30 percent, with the U.S. being the primary destination. Electronics and telecommunications products accounted for 20 percent, while aerospace exports made up 18 percent, with both the US and China being the leading partners in these sectors. This data underscores the European Union 's pivotal role in the global high-tech market, both as an importer and exporter.
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