EU Pharmaceutical Exports Rebound by 22% in 2022 and Reach Their Maximum

The European pharmaceutical sector is on the rise. In 2022, EU pharmaceutical exports reached their all-time high after rising 22% in 2022, to €287 billion, compared to €235 billion the previous year, according to data published by the statistical office European Eurostat this Monday.

Imports also followed an upward path, and in 2022 they increased by 12%, up to €112 billion compared to €100 billion registered the previous year.

With exports growing at a faster rate than imports, the EU surplus in medicinal and pharmaceutical products reached €175 billion in 2022, its highest since 2002.

In 2022, the largest pharma exporter in the region was Germany (€68 billion), followed by Belgium (€56 billion), Ireland (€42 billion), the Netherlands, and Italy (€22 billion each).

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EU pharmaceutical exports were led by Germany and Belgium

By contrast, the largest importers were Belgium (€21 billion), followed by Germany (€19 billion), the Netherlands (€18 billion), Spain (€10 billion), and Italy (€9 billion).

The EU’s main trading partners in 2022 were the United States and Switzerland. Specifically, the North American country accounted for 33% of the exports of pharmaceutical products from the EU, followed by Switzerland (13%), the United Kingdom (7%), China, and Japan (6% each). The United States and Switzerland also headed the list of largest importers in the EU, with 35% and 34% of the total, respectively.

Pharmaceutical exports by Spain

In 2022, Spanish medicine exports fell by 19.4%, reaching a value of €14.4 billion, compared to €17.9 billion the previous year. If compared with the data for 2019, before the outbreak of the pandemic, an increase of 19.5% is recorded. Between January and December three years ago, Spanish exports from the pharmaceutical sector reached a value of €12.1 billion.

The main countries to which Spain exports medicines continue to be Switzerland, Germany, and France. The country exported drugs to the Swiss confederation worth €3.68 billion in 2022, compared to €3.2 billion the previous year. Spain exported medicines to Germany worth €1.7 billion in the whole of 2022, noting a slight decrease compared to €1.8 billion in 2021. Meanwhile, exports of medicines to France had a value of €1 billion , compared to the €840 million of the previous year.

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(Featured image by  jniittymaa0 via Pixabay)

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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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