EU's high-tech product sales drop in 2020

Pharmacy sector takes lion share with $110.6B

By Gokhan Ergocun

ISTANBUL (AA) – The European Union posted a 7% decline in high-tech product sales in 2020 to stand at €311 billion ($354.5 billion), the bloc's statistical department said on Tuesday.

Despite this decrease, sold production of these products had been rising since 2010, with an average annual increase of 2.9%, according to Eurostat.

Among high-tech products sold by EU countries in 2020, the pharmacy sector took the lion's share with €97 billion ($110.6 billion).

"Between 2010 and 2020, pharmacy recorded the highest average annual growth rate for production of high-tech products (+11.7%)," it stressed.

Electronics telecommunications, scientific instruments, aerospace, computers and office machines, chemistry, non-electrical machinery, electrical machinery, and armament followed the pharmacy sector.

"In contrast, the production of high-tech products fell in chemistry (-0.6%), computers and office machines (-0.7%), electronics-telecommunications (-1.3%) and non-electrical machinery (-3.1%)," it added.

Last year, euro/US dollar exchange rate was 1.14 on average.

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