Imports of high-tech products into the European Union reached €478 billion in 2023, down 1 per cent on 2022, according to the regional statistics bureau.
China and the United States accounted for more than half of the EU’s high-tech imports last year – €155 billion (32 per cent) and €108 billion (23 per cent) respectively, according to Eurostat. Switzerland at €31 billion (7 per cent), Taiwan €28 billion (6 per cent), and the UK and Vietnam €20 billion and €19 billion respectively (4 per cent each).
Some 73 per cent of Vietnam’s €14 billion imports to the EU were electronic and telecoms goods, followed by Taiwan and China with a share of 58 per cent each, valued at €16 billion and €86 billion respectively. Computers, office equipment and pharmaceutical products accounted for 15 per cent of all EU imports of high-tech products, with China and the US accounting for most of the sources of these products.
Exports of high-tech products from the EU rose 3 per cent year-on-year to €461 billion, with the US accounting for 28 per cent of EU exports (€128 billion), followed by China (11 per cent) (€49 billion), and Japan and Turkey (3 per cent) (€15 billion and €14 billion).
Among high-tech exports from the EU to non-EU countries, pharmaceutical products accounted for the largest share (30 per cent), with the US being the largest recipient, followed by electronics and telecommunications (20 per cent) and aerospace products (18 per cent), with the US and China being the leading partners in these sectors.
Pharmaceuticals was the largest export category for Switzerland and the US, accounting for 48% of high-tech exports of €14 billion and €61 billion respectively, electronics and telecommunications was the largest export category for China, accounting for 31 per cent of high-tech exports of €15 billion.
