Eurostat figures show that Ireland was the third largest exporter of medicinal and pharmaceutical products in the EU in 2021 with exports worth €38bn. Germany (€56bn) and Belgium (€46bn) were the largest exporters and also the largest importers of these products. The Eurostat figures also show that the EU’s trade surplus in medicinal and pharmaceutical products reached €136bn in 2021 with exports worth €235bn and imports worth almost €100bn. 

Between 2002 and 2021, exports of medicinal and pharmaceutical products in the EU have grown considerably, more than imports, which also displayed a steady growth. Exports have increased from €50bn in 2002 to €235bn in 2021, while imports grew from €32bn to €100bn in the same period.

With extra-EU exports growing more than imports, the EU’s trade surplus in medicinal and pharmaceutical products reached €136bn, the highest value since 2002 (€1bn). 

Among the EU member states (ranked by total trade in million €), Germany was the largest exporter (€56bn) in 2021, followed by Belgium (€46bn) and Ireland (€38bn). On the other hand, Belgium (€19bn), Germany (€18bn) and the Netherlands (€15bn) were the largest importers of medicinal and pharmaceutical products. 

USA and Switzerland remain main EU trade partners 

The main destination of extra-EU exports of medicinal and pharmaceutical products in 2021 was the United States, accounting for almost a third (32%) of these exports, followed at a distance by Switzerland (12%), the United Kingdom (7%) and China (6%).

Imports of these products to the EU came mainly from Switzerland (accounting for 36% of EU imports of these products) and the United States (30%), followed by China and the United Kingdom (both 8%). 

With regard to trade between the EU and the United States, between 2002 and 2021, exports of medicinal and pharmaceutical products grew by almost 9% per year and imports grew by 5% per year. During this whole period, the trade balance has been in favour of the EU, registering a peak of €48bn in 2020 and decreasing to €46bn in 2021.

As for Switzerland, EU exports also grew by 9% per year, while imports grew by 8% per year, between 2002 and 2021. Over the same period, the EU had a trade deficit that peaked at €8bn in 2009, 2012, 2019 and 2021.