A sharp decline on trade deficit… $276.6 million deficit in August
The growth of pharmaceutical exports continued to rise, approaching a 90% level once again.
According to the Korea International Trade Association, the monthly export amount of medicinal and pharmaceutical products (SITC 54) was $576.74 million in August, up 86.6% YoY.
In May, pharmaceutical exports, which surpassed $600 million for the first time, hit the peak at 99.6%, $629.94 million YoY.
In June, the export performance fell to $566.6 million with 56.0% growth, but it increased again to 73.7% in July and 86.6% in August.
The growth rate of 86.6% is the second-highest of the year, following 99.6% in June. This year, there have been three times above 80% growth in pharmaceutical exports so far, January, June, and August.
It maintained a steady double-digit growth rate for eight months, and achieved a growth rate of over 50% for five times.
The cumulative eight-month export volume was $4.245.9 billion, averaging $530.7.3 million a month, with a growth rate of 58.2% YoY.
The pharmaceutical imports also rose 19.6% YoY to $64.4 million in August, but the performance remained the lowest of the year.
Consequently, the pharmaceutical trade deficit plunged 85.9% YoY to $27.66 million in August, falling below $100 million for the second time since May.
Earlier in May, when monthly drug exports climbed nearly 100% to more than $600 million for the first time, the deficit in trade slumped to $15.85 million.
In addition, the double-digit decline has been maintained steadily since April, and the deficit has been reduced every month YoY, except for February.
The cumulative eight months deficit was reduced by 41.9% YoY to $1.346.65 billion.