Pharma boosts UK trade balance

The pharmaceutical industry's contribution to the UK trade balance jumped by nearly a quarter in the first six months of 2003 compared with the same period in 2002, according to latest figures from the Association of the British Pharmaceutical Industry (ABPI).

The trade balance of medicines exports over imports rose by 24% from £1.43bn in the first six months of 2002 to £1.78bn for the same period in 2003. Exports rose from £5.03bn to £5.55bn, while imports increased from £3.60bn to £3.77bn.

'These figures underline the major contribution that the UK-based pharmaceutical industry makes to the economy as well as to people's health,' said Dr Trevor Jones, director general of the ABPI. 'The UK is still a major base for much of the global pharmaceutical industry, and these figures highlight just how important it is to the national economy for this to remain the case.'

The trade balance with other EU countries rose particularly sharply for the January-June period, up by 276%. The full year figures for 2002 showed that exports rose to a record £10.05bn. With imports reaching £7.51bn, the trade balance for the entire year was £2.55bn.