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Korea’s healthcare exports expand 36% in July
  • By Kwak Sung-sun
  • Published 2020.08.24 14:54
  • Updated 2020.08.24 14:54
  • comments 0

The nation’s exports of healthcare products rose 36 percent in July from a year earlier, government data showed.

According to the Korea Health Industry Development Institute’s data, the export volume of healthcare goods rose 36 percent on-year to $1.65 billion in July. The shipments of pharmaceutical products marked $650 million (up 65.7 percent), cosmetics, $590 million (up 15.8 percent), and medical devices, $420 million (31.9 percent).

Pharmaceutical exports grew steadily to the U.S., EU, and Japan. With a high preference for Korean Covid-19 diagnostic kits and sanitizers, Korean pharmaceutical products' demand was robust in the U.S., Italy, and Japan, the KHIDI said.

With cosmetics exports rebounding from June, the total exports of healthcare products achieved over 30 percent year-on-year growth for three consecutive months since May.

China was the largest importer of Korean healthcare products, purchasing $350 million Korean goods. The U.S. came next with $200 million, followed by Germany with $150 million and Japan with $140 million.

Exports of other immunity products spiked 186.5 percent to $220 million, immunity goods, 106.3 percent to $130 million.

While exports of immunity products and diagnostic agents continued to grow, ultrasound imaging devices and makeup products have declined since Covid-19. However, in July, the decline has slowed.

The accumulated healthcare exports between January and July recorded $11.21 billion, up 27.9 percent from a year earlier. By industry, drugs recorded $4.46 billion, a 54.3 percent increase, and medical devices, $2.73 billion, growing 22.9 percent.

“With global sales of Korean Covid-19 test kits following the U.S. FDA’s emergency use authorization (EUA) and the surging global demand for sanitizers, exports of Korean quarantine-related goods are expected to remain robust for some time,” an official at the KHIDI said.

kss@docdocdoc.co.kr

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