26/10/2022
In 2021, the main products imported from Mercosur to the EU were primary goods (78 % of total imports from Mercosur), while the main products exported from the EU to Mercosur were manufactured goods (89% of total exports to Mercosur).
The most imported products in terms of value in 2021 were “animal feed” (EUR 6.0 billion; +22 % compared with 2020), “oil seeds” (EUR 4.5 billion; +35 %) and “petroleum oils, crude” (EUR 3.7 billion;+52 %). The increase in “petroleum oils, crude” was in large part due to the increase in energy prices.
Meanwhile, the most exported products in terms of value in 2021 were “medicinal products” (EUR 3.1 billion; +30 % compared with 2020), “motor vehicle parts” (EUR 2.9 billion; +54 %) and “medicaments” (EUR 2.0 billion; +4 %). The increase in “medicinal products” was in some part related to exports of vaccines for the COVID-19 virus.
The largest Mercosur partner measured in total EU trade (imports and exports) was Brazil (EUR 67 billion), ahead of Argentina (EUR 17 billion).
Mercosur has always been regarded as a strategic partner for the European Union. Already in 1999, an inter-regional Framework Cooperation Agreement entered into force. The importance of Mercosur as trade partner was subsequently reaffirmed by the trade agreement signed in 2019 with the aim of removing existing barriers to trade in goods, including the abolition of tariffs.
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