EU's exports of medicinal, pharma products up by 13.5% in 2024
Brussels: In 2024, EU exports of medicinal and pharmaceutical products increased by 13.5 per cent compared with 2023, reaching Euro 313.4 billion. At the same time, imports only recorded a modest increase of 0.5 per cent, amounting to Euro 119.7 billion, according to figures published by Eurostat, the statistical office of the European Union.
Consequently, in 2024, the EU's trade surplus in medicinal and pharmaceutical products came to a total of Euro 193.6 billion, marking a record high.
Last year, Germany was the EU's largest extra-EU exporter of medicinal and pharmaceutical products (Euro 67.9 billion), followed by Ireland (Euro 56.6 billion) and Belgium (Euro 41.4 billion).
The largest extra-EU importers were Germany (Euro 23.0 billion), Belgium (Euro 21.3 billion) and the Netherlands (Euro 14.7 billion).
The main destination for extra-EU exports of medicinal and pharmaceutical products in 2024 was the United States (38.2 per cent of all exports outside the EU; Euro 119.8 billion), followed by Switzerland (16.4 per cent; Euro 51.3 billion) and the United Kingdom (5.8 per cent; Euro 18.2 billion).
Most of the imports to the EU came from the United States (38.3 per cent; Euro 45.9 billion), Switzerland (32.6 per cent; Euro 39.1 billion) and the United Kingdom (7.3 per cent; Euro 8.7 billion).
© Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
2 hours ago
- Arabian Post
Coinbase Chooses Luxembourg as EU Licensing Hub
Coinbase has received authorisation under the EU's Markets in Crypto‑Assets regulation through Luxembourg, designating the country as its primary European hub and shifting focus away from Ireland. The approval — the first of its kind for a major U.S. exchange — grants Coinbase a passport to operate across all 27 EU member states. Luxembourg's growing financial stature and regulatory strength made it a logical choice, according to Coinbase, which already employs around 200 staff across Europe. The exchange plans to expand its Luxembourg team by at least 20 personnel by year-end. Luxembourg's regulator declined to comment, but insiders say the jurisdiction sets a 'high‑bar' for entry — a stance that counters concerns from other nations about lax standards in smaller markets. This move underscores a broader shift in the EU crypto ecosystem. Gemini, founded by Tyler and Cameron Winklevoss, is expected to be granted its MiCA licence by Malta, following earlier approvals of OKX and These licensing decisions highlight the increasing competition among EU member states to attract digital‑asset firms. ADVERTISEMENT Meanwhile, Ireland — previously heralded as Coinbase's launchpad with an e‑money licence and Virtual Asset Service Provider registration — has lost momentum. Its central bank governor previously warned that crypto often operates like a Ponzi scheme, reflecting a cooler official attitude toward the industry. MiCA's passport system allows a single licence to provide regulatory cover throughout the bloc, but some EU financial watchdogs are raising concerns. They argue that rapid approvals in smaller jurisdictions like Malta or Luxembourg could lead to uneven regulatory enforcement, undermining the very protections the framework aims to provide. The European Securities and Markets Authority is reportedly monitoring these developments amid internal discussions about its oversight role. Luxembourg's emerging appeal as a crypto gateway appears rooted in its established reputation as a financial centre with robust supervision. In contrast, Ireland's more sceptical posture may have made it less attractive for firms seeking clearly defined regulatory environments under the new rules. Market analysts say these MiCA approvals could significantly increase institutional confidence in European digital‑asset markets, offering a model for compliance and consumer protection. However, they warn that inconsistent national implementation could result in 'regulatory arbitrage,' where firms exploit jurisdictional loopholes. The global crypto market, valued at around US $3.3 trillion, is still navigating the fallout from major collapses like FTX in 2022. MiCA marks a pivotal shift toward formal oversight in the EU, aiming to safeguard investors while fostering innovation. The licensing of high‑profile U.S. exchanges such as Coinbase and Gemini represents a critical test of whether this new continental regime can deliver both growth and stability.
Arabian Post
3 hours ago
- Arabian Post
EU Intensifies Oversight of Musk's xAI–X Deal
European Commission regulators have launched an in-depth inquiry into the corporate restructuring of X following its $33 billion acquisition by Elon Musk's AI venture, xAI in March. Officials have issued formal information requests probing whether the deal reshaped the obligations and liabilities under the Digital Services Act, which could trigger fines of up to 6 per cent of global turnover or even a suspension of operations within the EU. At stake is not merely compliance but scope. Brussels is examining if revenue from Musk's wider corporate empire—including xAI, SpaceX, Neuralink and The Boring Company—should be aggregated with X's earnings when calculating any DSA penalty. Such consolidation would dramatically increase the financial stakes, positioning the potential fine among the largest ever under the regulation. This intensified scrutiny builds upon a probe initiated in December 2023 over allegations that X failed to curb harmful content and employed deceptive design. The spotlight has honed in on features such as the blue check verification, which critics say misled users into attributing credibility purely on subscription status. X has contested these accusations, reflecting the gravity with which Brussels regards compliance under the DSA. ADVERTISEMENT Regulatory sources indicate that Brussels aims to reach a decision before its summer recess in August 2025—though there remains a possibility that deliberations will extend. If a penalty is levied, whether tied solely to X or inclusive of Musk's other holdings, the platform could face a multi‑billion‑dollar bill. Repeat offenders risk more severe sanctions, including operational bans within the bloc. The commission's current line of inquiry follows earlier requests for internal documentation on X's algorithmic decision‑making and moderation protocols issued in January 2025, aimed at uncovering systemic bias or political amplification. EU digital chief Henna Virkkunen has signalled that the commission's enforcement of the DSA will be uniform across all major platforms—regardless of headline-grabbing personalities or companies. For the xAI–X merger, Brussels appears particularly concerned with whether the March acquisition alters liability thresholds or the classification of X as a 'Very Large Online Platform'—a designation that comes with more rigorous reporting and compliance obligations. The structure of the deal could influence if DSA fines are calculated based solely on X or on the broader Musk group. European digital regulators are keen to demonstrate the potency of the DSA, which took effect in late 2022, aiming to set a precedent in holding tech giants accountable across interconnected corporate structures. X's contested manoeuvres with the blue checkmark and structural repositioning have become emblematic of the challenges regulators face enforcing meaningful accountability. Musk's companies have so far declined to respond to the commission's most recent information requests. Meanwhile, EU officials continue to gather internal documents, revenue data and structural filings to determine the extent of exposure under DSA provisions before any final ruling.
Arabian Business
4 hours ago
- Arabian Business
European space ambitions need Gulf partners
I f Europe wants to stand on its own two feet, it must look up – literally. Space, once associated only with exploration – or, more cynically – national vanity projects, has become crucial to the economic health, security, and soft power of any government, national or regional. That's one reason why Josef Aschbacher, head of the European Space Agency, has called for more investment in the sector. Europe, he argues, cannot afford to lag behind. The ambition to be 'strategically autonomous' and shape its own future depends on catching up in an area where other powers, the U.S. and China most notably, are pulling ahead. Space technology, it's crucial to note, is not just about satellites and rockets even though culturally, that's often what comes to mind when people think about it. This perception has been strengthened by Elon Musk's SpaceX, which communicates aggressively around its many launches. Space in fact touches everything from military equipment and weapons to communications infrastructure to environmental monitoring and supply chain efficiency. A recent study published by the World Economic Forum and McKinsey underscored how 'space-based technologies are revolutionising the supply chain, transportation, and mobility sectors, positioning them as the fastest-growing segment of the global space economy.' In these areas, Europe has some of the world's best engineers. But it consistently fails to support the companies where they work with meaningful investment. Compare this situation with that of the Middle East. The Gulf region has become a surprising contender in the new space race. The UAE and Saudi Arabia, once absent from this arena, are now outspending many of their Western counterparts and making rapid progress. In just over a decade, they have poured $25 billion into the field, and that is expected to grow to $75 billion by 2032. First, national security remains essential. Secondly, they need to plan for the post-oil era. The Gulf economies rely heavily on oil, and they will be in deep trouble if they do not diversify their economies. Thirdly, they need to prepare the labour market for the twin challenges of automation and climate change. They are also closely aligned with strategic initiatives: AI, autonomous systems. Space covers all of these. It promises robust security, long-time prosperity, and future-proof jobs, as well as national prestige and the tools to adapt to an uncertain world. But the Middle East and Europe need not see themselves as rivals. The Gulf states are actively looking for partners; they want to develop their space infrastructure further. They are becoming global hubs of innovation. And Europe, with its highly skilled, highly educated workforce and depth in advanced technology, should be an obvious ally in this undertaking. A paradigm shift is underway: those countries that fail to see how much more the Middle East is than a source of capital will fall far behind. Europe would benefit from the support. It has many promising space companies developing world-beating dual-use technologies. With more funding and backing, they could scale rapidly: ICEYE, one of Europe's most exciting space companies, has benefitted hugely from its presence in the Gulf. Growing fast would stop lesser companies in other nations from appearing, gaining more funding, and out-scaling them. In the United States, small, innovative companies have long been seen as the key to remaining at the forefront of innovation, and those companies receive generous funding for that reason. In Europe, procurement processes badly need rethinking, and there is still some hesitation around investing in defence, which often overlaps with space. There was a time when the Middle East was viewed (wrongly, even then) as a source of oil money and little else. That has changed: it is now widely viewed as a genuine industrial power, as well as a large and growing market and a vital bridge and trading point between East and West. If Europe were to collaborate with the United Arab Emirates, it could get much more than funding. The Gulf is vast, with open landscapes and a climate perfectly suited for the testing of advanced, satellite-based tech. Europe is densely packed and its regulations are stringent. The Gulf, for its part, would gain European know-how, which would accelerate its development in space. Jobs, knowledge transfer and commercial opportunities would also follow. So a strong Europe–Middle East alliance in space would serve both sides: creating economic opportunities, reducing dependency on unpredictable allies, and developing infrastructure that will define the next century. It's a win-win. The Middle East is ready and waiting. It has shown that it's looking ahead to the future, and it is eager to join hands with countries and regions for mutual advantage: the slew of multibillion-dollar U.S. tech deals struck by Saudi Arabia, the United Arab Emirates and Qatar shows that. Europe, which for a long time has relied on others, and has been able to invest in its social infrastructure due to the promise of U.S. military support, badly needs to work with other countries to ensure its security and the quality of life of its citizens. It should act now. The clock is ticking.
